Chase Bank Settlement, Customers Will Get Back $2.5M in Fees for Crypto Purchases

Back in 2018, Chase customer Brady Tucker filed a class action complaint in the Southern District of New York alleging that JPMorgan Chase Bank violated the Truth in Lending Act as well as Regulation Z. The lawsuit claims that Chase processed Cryptocurrency Transactions made with his Chase credit card as “Cash Advances” instead of “Purchases” without providing him adequate advance notice.

Tucker was charged more than $160 in fees and interest for regularly purchasing cryptocurrencies from Coinbase using his Chase credit card.

JPMorgan Chase Bank has agreed to settlement without admitting wrongdoing as part of the motion that was filed last month in Manhattan federal court. “Chase has agreed to enter into this Agreement to avoid the further expense, inconvenience, and distraction of burdensome and protracted litigation, and to be completely free of any further claims that were asserted or could have been asserted in the Action,” the motion stated.

The bank will pay $2.5 million to settle the class action lawsuit, which would result in class members getting about 95% of the fees they said they were unlawfully charged. A total of 62,000 class members as part of the settlement deal. Class members should get notification of the settlement directly.

You can read the motion here.