On April 23, 2014, the parties reached a settlement in a putative class action pending in California federal court between a bank credit card issuer and consumers alleging misrepresentations and improper practices related to customer payments. The plaintiffs alleged that the bank misled consumers about how it applied credit card payments to promotional purchases by marketing promotional reward card purchases as “interest free,” but then charging cardholders interest and fees for those purchases. The class action was filed on behalf of a class of California credit cardholders alleging violation of the California Business and Professions Code, fraud, and unjust enrichment, among other allegations. The terms of the settlement provide for $5.5 million in cash benefits to the plaintiffs. By June 2, 2014, the plaintiffs will submit a motion for preliminary approval of the class action settlement.