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Two years ago, three individuals filed a lawsuit against Chase Bank NA, the sixth-largest bank globally and a subsidiary of banking giant JPMorgan Chase & Co. The lawsuit was filed because Brady Tucker, Ryan Hilton, and Stanton Smith were charged huge fees for purchasing cryptocurrency, with the allegations that the bank didn’t warn them in advance regarding a change in its policy.
The allegations put forward in the lawsuit noted that the bank’s customers who used their credit cards to buy cryptocurrency were improperly charged high-cost cash advance fees. At first, the suit asked the bank to pay $1 million to affected customers, but the final settlement is remarkably larger.
According to the argument by Chase Bank, the purchases were for “cash-like transactions,” but in a ruling in March this year, the judge said the plaintiffs were able to show that such categorization only applied to fiat currency transactions.
According to a report by Reuters, a motion filed Tuesday in Manhattan federal court noted that the settlement would lead to class members receiving close to 95 percent of the fees for being unlawfully charged. However, JPMorgan is not admitting wrongdoing as part of the deal, based on the stipulations of the motion. Hence, JPMorgan Chase & Co is going to pay about $2.5 million to the class members.
The CEO of JPMorgan Chase, Jamie Dimon, is one of the long-time vocal critics of cryptocurrency. Nevertheless, a forthcoming book regarding Coinbase alleges that Brian Armstrong (Coinbase’s CEO) met secretly with Dimon two years ago.
In recent times, there have been changes to JPMorgan Chase’s stance regarding cryptocurrency. A few weeks ago, the company approved accounts for two exchanges (Coinbase and Gemini) and interestingly, the bank came up with its JPM Coin stablecoin utilized for bank-to-bank payments and backed by its extensive fiat holdings.
Featured image courtesy of GettyImages. Source: Cryptopress.