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Florida scores the biggest slice of $136 million JPMorgan Chase settlement

bizjournals.com | July 17, 2015

By Nina Lincoff

JPMorgan Chase has entered into a $136 million joint state-federal settlement, and Florida will receive the largest chunk of that payment, according to Attorney General Pam Bondi’s office.

The banking giant entered into the agreement with the Consumer Financial Protection Bureau to settle alleged violations linked to JPMorgan’s debit card debt collection and sales practices. The settlement is in response to federal and state probes that uncovered violations in some of Chase Bank USA and Chase Bankcard Services debt collection and sales practices, including subjecting customers to collection activities for accounts that weren’t theirs and “robo-signing,” or mass signing of document without review.

The Sunshine State’s share is about $22 million.

Dividing the money

Here’s how Florida’s share of $22 million from the JPMorgan Chase settlement was distributed:

• 5,000 Florida Chase customers: $4.6 million

• Florida’s General Fund: $1.6 million

• 47 nonprofit organizations: $15.3 million

• Costs and fees: $750,000

Source: Attorney General Pam Bondi’s Office

How Florida’s middle-market companies dominate the nation in exporting

Miami’s middle-market firms are outperforming their peers nationwide, in exporting, according to a study from American Express and Dun & Bradstreet.

About 20 percent of middle-market firms in Miami are engaged in exporting, compared to 10 percent in Florida and 5 percent nationwide, according to the study, “Middle Market Power Index: Taking the Global Stage.”

What’s remarkable is that, relative to other states, Florida has a low proportion of middle-market firms – just 6,715, or 0.36 percent of total firms. Middle-market firms nationwide make up 0.72 percent, or double the Florida percentage.

“Florida, in general, has a lower number of middle-market business, but they are kicking it in terms of exporting,” said Julie Weeks, American Express’ research adviser on the study. Miami is largely responsible for the state’s strong showing.

“Middle-market firms in Florida are twice as likely to be exporting than firms across the country, and Miami especially,” Weeks said. “Miami is twice as likely to export as the state of Florida.” Miami’s dominance in exporting can be easily explained.

“It’s the gateway to Latin America, so there is already a real global flavor to the city,” Weeks said. Additionally, transportation and shipping are big industries, with Miami International Airport and PortMiami.

 

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