May 28, 2020 / 1:14 AM / 3 months ago

IN BRIEF: JPMorgan Chase agrees to pay $2.5 mln in crypto fee class action

JPMorgan Chase Bank NA has agreed to pay $2.5 million to settle a class action lawsuit over its 2018 decision to begin treating purchases of cryptocurrency with Chase credit cards as cash advances, resulting in higher fees.

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. JPMorgan is not admitting wrongdoing as part of the deal, according to the motion.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/36yOF1V

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