JP Morgan Chase Set to Pay $2.5 Million in Crypto Class-Action Lawsuit for Overcharging

The largest bank in the United States, JP Morgan Chase has agreed to pay $2.5 million to settle a class-action lawsuit related to charging higher fees in crypto transactions, reported Reuters on Thursday.

The lawsuit was over the bank’s 2018 decision to start treating the cryptocurrency purchases made with Chase credit cards as cash advances that result in higher fees for crypto customers.

As per the motion filed in Manhattan federal court on Tuesday, plaintiffs said the settlement would result in the members getting 95% of the fees that they were unlawfully charged. JP Morgan will be paying the fees but hasn’t admitted the wrongdoing.

Earlier this month, JP Morgan started offering its services to two crypto exchanges Coinbase and Gemini.

While Jamie Dimon, the CEO of the sixth-largest bank in the world by total assets called bitcoin a “fraud,” JP Morgan launched a stablecoin dubbed “JPM Coin” last summer.

The bank has even released its own blockchain platform called Quorum. Open-sourced in 2016, this Ethereum-based blockchain is designed for processing transactions within a permissioned network to solve performance and privacy challenges.

This week, another banking giant Goldman Sachs made headlines in the crypto space after it shared in its clients’ call that “bitcoin is not an asset class,” while categorizing it as nothing better than Tulipmania which is used for illicit activities and is prone to attacks and hacks.

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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