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by CareyBot

Bankrate Inc. has agreed to pay a former client $3 million to settle allegations the company did little to prevent lenders that advertised on its Web site from engaging in bait-and-switch tactics. Bankrate officials say they admit no "fault or liability of any kind" in the settlement with American Interbanc LLC, a former -- and apparently future -- Bankrate customer. The settlement contains "certain terms and conditions that permit American Interbanc to advertise on Bankrate.com," Bankrate said in a press release. Bankrate.com lets consumers compare mortgage rates offered by dozens of lenders. Advertisers on the site pay to have clickable hyperlinks embedded in rate tables that are custom-generated by visitors' queries. American Interbanc originally sued several lenders who advertised...