Chase Bank has agreed to repay most of $2.5 million in fees customers say it unfairly charged for cryptocurrency transactions.
A subsidiary of JPMorgan Chase, the bank has agreed to settle a class-action lawsuit resulting from the bank’s decision in 2018 to charge higher fees on Chase credit cards that had classified the crypto purchases as “cash advances.”
In March, lead plaintiffs Brady Tucker, Ryan Hilton and Stanton Smith in New York that they had agreed to a settlement with the defendant, Chase Bank. An order signed by Judge Katherine Polk Failla at the time resulted in court proceedings being discontinued and allowed settlement to proceed.
As on May 28, in a motion was filed to the Manhattan federal court on May 26, plaintiffs said the settlement will result in class members of the lawsuit receiving about 95% of the fees they allege they were unlawfully charged.
Chase, in turn, will not admit to any wrongdoing to the 62,000 class members as part of the settlement deal, according to .