NEW YORKâThe sixth-largest bank in the world, JPMorgan Chase, has settled a lawsuit over unannounced changes made to the fee structure applied to cryptocurrency purchases made using its credit cards in 2018.
The details of the settlement have not been disclosed.
The three plaintiffs accused Chase Bank of violating its cardholder terms of service during January 2018, Coin Telegraph reported.
The trio asserts Chase applied the fee structure for cash advances to cryptocurrency purchases made with Chase's credit cards for 10 days without providing any warning as to the change.
During a previous hearing, Chase sought to argue that cryptocurrency purchases comprise "cash-like transactions" as per its terms of service, and as such, it did not breach its contract with cardholders, Coin Telegraph explained.