JPMorgan Chase Settles Crypto Credit Card Lawsuit for $2.5M

JPMorgan Chase recently came to terms on a lawsuit from 2018 involving added fees for crypto purchases using credit cards.

Banking giant JPMorgan Chase settled a 2018 lawsuit recently, with a $2.5 total payout - the result of unclear fees charged when using credit cards for crypto purchases.

"The Court notes that Defendant JPMorgan Chase Bank, N.A., f/k/a Chase Bank USA, N.A. has agreed to provide a Cash Settlement Amount of an aggregate of $2,500,000 in cash."The lawsuit stemmed from lack of clarity.

The terms allegedly charged users the same fees as cash advance activities.

The legal action took flight later in 2018, seeing Brady Tucker, Ryan Hilton, and Stanton Smith press charges against the banking entity.

"In a motion filed Tuesday in Manhattan federal court, plaintiffs said the settlement would result in class members getting about 95% of the fees they said they were unlawfully charged." March news settled in May. The plaintiffs' legal action requested compensation for the deceptively-charged fees, as well as $1 million for damages, with a 75-day window for settlement detail submission, as of Cointelegraph's March 2020 article.

The movement was unopposed, according the May 26 court document.

"JPMorgan is not admitting wrongdoing as part of the deal, according to the motion," Reuters noted in the brief.