August 2, 2019 / 11:26 PM / 18 days ago

Judge greenlights consumers’ lawsuit v. Chase saying cryptocurrency not like cash

A proposed class action can go forward accusing Chase Bank of charging credit-card customers surprise fees last year when it started billing their cryptocurrency purchases as cash advances, a federal judge in Manhattan ruled.

Chase Bank had argued that cryptocurrencies are a form of electronic cash and thus its treatment of the purchases was correct. In a decision on Thursday, however, U.S. District Judge Katherine Failla said customers had presented a reasonable argument that “cash” refers to government-issued currency and excludes cryptocurrency.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2KeoNin

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