Article Image
IPFS News Link • Central Banks/Banking

JP Morgan Chase Hit With Million Dollar Class Action Crypto Lawsuit


The largest bank in the United States, JP Morgan Chase, found itself the subject of a federal class action lawsuit this week. The complaint alleges that after hindering customers from buying cryptocurrencies, the bank charged enthusiasts extra fees and higher interest rates.

JP Morgan Chase Subject of Million Dollar Class Action

Brady Tucker et al v Chase Bank USA, filed in U.S. District Court, Southern District of New York, 18-3155, Manhattan, was initiated by San Diego-based law firm, Finkelstein & Krinsk LLP, a class action specialist. Mr. Tucker of Idaho, plaintiff, claims he incurred $143.30 in fees, and $20.61 in sudden interest charges over five crypto transactions during late January and early February. And while by itself it might appear trivial, magnified by untold thousands of customers, and the numbers begin to get substantial. Mr. Tucker also claims "upon purchasing a cryptocurrency from or another online crypto merchant," he was saddled with cash advance fees in violation of his original terms and conditions.

JP Morgan Chase Hit With Million Dollar Crypto Class Action LawsuitJP Morgan has been particularly aggressive when it comes to cryptocurrency, especially bitcoin. Its, at times, curmudgeonly CEO, Jamie Dimon, has waged a quotable war for years, referring to cryptos as a fraud, tulip bulbs, and even calling enthusiasts stupid, insisting he'd immediately fire an employee if he found them dabbling in crypto. He'd later attempt to walk back some of his harsher statements. At one point it even appeared he might dabble in bitcoin futures. In any event, it's not beyond the scope of things to believe JP Morgan would have a particular, separate policy for crypto enthusiasts.

Indeed, Mr. Tucker attempted to dispute charges but JP Morgan outright refused any consideration, he insisted. According to Reuters, without warning the bank "stuck the plaintiff with the bill, after the fact of his transactions, and insisted that he pay it," the lawsuit is quoted. The suit was filed in federal court, and accuses the bank of "charging surprise fees when it stopped letting customers buy cryptocurrency with credit cards in late January and began treating the purchases as cash advances."