Originally filed in 2018, the suit alleges that the bank overcharged customers for buying cryptocurrencies using Chase credit cards, classifying the purchases as cash advances.
JPMorgan Settles a Crypto Class Action Lawsuit
JPMorgan Chase allegedly overcharged its customers who bought cryptocurrencies with their Chase credit cards. The bank decided to treat the purchases as "cash advances," which carry higher fees than normal purchases. A class-action lawsuit was filed in 2018 and was settled out of court in March this year. As part of the deal, JPMorgan Chase is not admitting to the wrongdoing. Reuters reported Thursday that according to the motion filed in Manhattan federal court this week, JPMorgan Chase has agreed to pay $2.5 million to settle the lawsuit, noting: