JPMorgan Chase Settles $ 2.5 Million Crypto Credit Card Lawsuit

Banking giant JPMorgan Chase recently settled a lawsuit in 2018, with a total payment of $ 2.5 – the result of imprecise fees charged when using credit cards for crypto purchases.

A May 26 court document detailed:

“The Court notes that the defendant JPMorgan Chase Bank, NA, f / k / a Chase Bank USA, NA (” Chase “or” defendant “) has agreed to provide a cash settlement amount in the aggregate amount of 2,500 $ 000 in cash. “

The trial arose out of a lack of clarity

In January 2018, JPMorgan Chase quietly changed the terms use around its credit cards when purchasing crypto assets, without alerting customers for up to 10 days after the changes come into effect. The terms would have charged users the same fees as the cash advance activities.

The lawsuit took off later in 2018, seeing Brady Tucker, Ryan Hilton and Stanton Smith suing the banking entity.

Reuters said in a May 27, 2020 brief:

“In a lawsuit filed Tuesday in Manhattan federal court, plaintiffs said the settlement would allow class members to get about 95% of the fees they said were illegally billed.”

March news settled in May

The plaintiffs’ lawsuit sought compensation for the deceptively billed costs, as well as $ 1 million in damages, with a 75-day window for the submission of settlement details, from March 2020 Cointelegraph article.

The movement has encountered no opposition, according to the court document of May 26.

“JPMorgan does not admit wrongdoing as part of the deal, according to the motion,” Reuters noted in the brief.

A number of other lawsuit-related headlines filled the crypto space in the first half of 2020, involving Ripple, Bitfinex, Tezos and others.

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