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.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide