The alleged claim states that JPMorgan Chase charged excessive amounts from customers who used credit cards to purchase cryptocurrency.
Brady Tucker, the plaintiff who signed the complaint on April 10, said that the bank incorrectly recovered from it $ 143.30 commission and $ 20.61 percent when making purchases using a JP credit card in January and February.
Representing the plaintiff will be a law firm from San Diego, Finkelstein & Krinsk LLP.
In February, JPMorgan Chase became one of the banks that banned the acquisition of crypto-currency using their credit cards.
According to the complaint, before making a ban, the bank began to regard such purchases as “cash advances”, but “did not notify the holders of Chase cards”. The lawyers of the plaintiff assert that, without reporting changes in the policy, the bank violated the Law on the reliability of information in lending.
“The total lack of a fair notification made Chase cardholders unknowingly lose millions of dollars in commissions for cash advances and upward interest rates for every crypto purchase.”
The same commissions did not apply to holders of debit cards. Lawyers intend to make the claim a collective status. Claims of the plaintiff include reimbursement of funds spent on the commission, as well as additional losses of $ 1 million, established by law. The complaint says that while talking about collective status early, however, the bank’s policy probably suffered “hundreds or thousands of its members”.
JPMorgan Chase has not commented on the situation yet.