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JPMorgan to Pay $2.5 Million to Settle Cryptocurrency Case

June 1, 2020

Via: TheStreet

Banking titan JPMorgan Chase (JPM) – Get Report agreed to shell out $2.5 million to settle a class-action lawsuit stemming from its 2018 decision to classify purchases of cryptocurrency with Chase credit cards as cash advances, creating higher fees.

The 62,000 class members will receive about 95% of the fees they were illegally charged, the plaintiffs said in a settlement motion filed last week, Reuters reported. JPMorgan won’t admit wrongdoing as part of the deal.

“Chase has agreed to enter into this agreement to avoid the further expense, inconvenience, and distraction of burdensome and protracted litigation, and to be completely free of any further claims that were asserted or could have been asserted in the action,” the motion said.

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