Citigroup to refund $330M to credit card customers due to mistake
NEW YORK, NY - Citigroup Inc. (NYSE:C) on Friday said it would issue more than $330 million in refunds after an internal analysis revealed it had overcharged some credit card customers.
Citi said that 90% of savings from properly lowered interest rates were dispersed in accordance with the credit card accountability act. The bank said it has found no evidence of employee misconduct related to the mistake, which it first disclosed in a Securities and Exchange Commission filing on Friday.