On Wednesday, Shares of JPMorgan Chase & Co. (NYSE:JPM), lost -2.05% to $65.43.
Chase Card Services reached a consent order recently with the Consumer Financial Protection Bureau and agreements with attorneys general for 47 states and the District of Columbia regarding practices stopped years ago for its sworn document, collections litigation and certain debt sales practices on defaulted credit card debt.
Chase has taken extensive steps over the past four years and is happy to resolve these legacy issues. It is working to complete remediation of affected Card customers. Chase addressed largely the same issues in a consent order with the Office of the Comptroller of the Currency in 2013.
The 2015 consent order covers issues from several years ago for a small percentage of credit card credit card customers who defaulted on their credit card debt. The issues were discovered by Chase in internal reviews that began in 2010.
To address these issues, Chase began taking action in 2011:
- Stopped filing credit card collections litigation in 2Q 2011 and have not restarted.
- Dismissed the influenced lawsuits.
- Improved its debt sales processes.
JPMorgan Chase & Co. provides various financial services worldwide. The company operates through four segments: Consumer & Community Banking, Corporate & Investment Bank, Commercial Banking, and Asset Administration.
Shares of Magnum Hunter Resources Corp. (NYSE:MHR), declined -4.35% to $1.54, during its last trading session.
Magnum Hunter Resources, declared recently that it has received and accepted a firm commitment from Bank of Montreal, which is the administrative agent and lead lender under the Company’s senior secured revolving credit facility, to (i) consent to certain amendments and waivers with respect to the Facility and (ii) assume the interests under the Facility of each other current member of the Facility’s lending syndicate that may not choose to consent to the Amendments contemplated by the new Commitment.
The Amendments will, among other things, permanently eliminate the Company’s obligation under the Facility to raise $65 million in net cash proceeds from certain specified transactions by July 10, 2015. As of the date of the Commitment, the Company had raised an aggregate of about $55.6 million in net cash proceeds from certain of these specified transactions in connection with this obligation, to which the Company will no longer be subject following the effective date of the Amendments. In addition, the Amendments will comprise waivers of compliance by the Company with the current ratio and total secured net debt to EBITDAX ratio covenants presently existing under the Facility until the earlier of (i) the fiscal quarter ending December 31, 2015 or (ii) the fiscal quarter during which the Company closes on the sale of all or substantially all of the Company’s equity ownership interest in Eureka Hunter Holdings, LLC (“Eureka Hunter”). The Company formerly declared its intention to pursue the sale of 100% of its equity ownership interest in Eureka Hunter following a Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on June 25, 2015. Based upon current market conditions, the Company believes that a sale of all of its equity interest in Eureka Hunter could generate up to about $600 - $700 million in gross cash proceeds to Magnum Hunter.
Magnum Hunter Resources Corporation, an independent oil and gas company, explores for, exploits, acquires, develops, and produces crude oil, natural gas, and natural gas liquid resources in the United States. The company operates through the U.S. Upstream, Midstream, and Oilfield Services segments.
Finally, Charter Communications, Inc. (NASDAQ:CHTR), ended its last trade with -1.51% loss, and closed at $172.27.
Charter Communications, will host a conference call on Tuesday, August 4, 2015, at 10:00 a.m. Eastern Time (ET) to talk about financial and operating results for the quarter ended June 30, 2015.
Charter Communications, Inc., through its auxiliaries, provides entertainment, information, and communications solutions to residential and commercial customers in the United States.
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