JPMorgan agreed to pay $ 2.5 million to settle a class-action lawsuit about irrational fees that the bank charged for transactions when purchasing cryptocurrencies.
The lawsuit was filed in April 2018 against Chase Bank, a subsidiary of commercial holding JP Morgan Chase, which specializes in consumer and commercial banking.
The main plaintiff, Brady Tucker, stated that the bank required him $143.30 in fees and $ 20.61 in unexpected payments for five transactions that he made between January and February 2018. Other bank customers received the same fees without prior notice.
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Thus, the bank disrupted the US consumer protection laws against “unfair credit card billing practices,” according to which banks must inform customers of any changes to the terms of service in writing.
JP Morgan became one of several banks (along with Citigroup and Bank of America) that banned the purchase of cryptos with credit cards in 2018.
However, later it became known that the bank is working on its blockchain platform Quorum. JPMorgan also announced that it is planning to use Quorum to issue a digital currency named JPMorgan Coin. Already in 2019, JP Morgan CEO Jamie Dimon said that JPM Coin could eventually become a widely used cryptocurrency.