JPMorgan settles cryptocurrency credit card lawsuit with a $ 2.5 million payment

Bank giant JPMorgan Chase recently settled a lawsuit in 2018 with a total payment of $ 2.5 million for unclearly calculating commission from using credit cards to buy cryptocurrencies.

A detailed court document dated May 26:

“The Tribunal found that the defendant, JPMorgan Chase Bank, NA, officially known as Chase Bank USA, NA (” Chase “or” Defendant “), agreed to a total cash settlement amount of $ 2.5 billion in cash to provide. ” .

The lawsuit came out of ambiguity

In January 2018 JPMorgan Chase has tacitly changed the terms of use for its credit cards when purchasing crypto without notifying customers within 10 days of the changes taking effectThe terms reportedly charged users the same fees as prepayments.

JPMorgan settles cryptocurrency credit card lawsuit with a $ 2.5 million payment
JPMorgan settles cryptocurrency credit card lawsuit with a $ 2.5 million payment

Legal action was taken later in 2018 when Brady Tucker, Ryan Hilton and Stanton Smith filed charges against the bank.

Reuters said in a report on May 27, 2020:

“In a petition filed with the Federal Supreme Court in Manhattan on Tuesday, the plaintiffs said the settlement would result in members of the class receiving approximately 95% of the fees they said were illegally collected.”

The March news was resolved in May

The plaintiffs’ complaint related to compensation for the misleading charges and damages of $ 1 million with a period of 75 days to submit details of the settlement., according to the March 2020 Cointelegraph article.

According to the court document of May 26, the movement was without contradiction.

“JPMorgan does not admit irregularities as part of the agreement, according to the petition”Reuters noted in the report.

A number of other headlines related to the lawsuit filled all media related to cryptocurrencies in the first half of 2020with the participation of Ripple, Bitfinex, Tezos and others.

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