JP Morgan subsidiary, Chase Bank, has settled to refund $2.5 million in fees customers which it has charged unlawfully for the transaction made for the crypto.
The class-action lawsuit that has been filed against the Chase Bank for its 2018, decision in which it charged the higher fees on the credit cards transaction. Now, the bank has agreed to settle the lawsuit and repay the customers.
Plaintiffs Agree For Settlement
In March 2020, the US Southern District Court has been informed by Brady Tucker, Ryan Hilton and Stanton Smith, who are the lead complainants in the case, that they were ready for the settlement with Chase Bank.
At that time, Judge Katherin Pol Failla signed an order for further proceed the settlement.
On May 28, Reuters reported that the plaintiffs had registered the settlement motion in Manhattan federal court, on May 26. The motion stated that all the defendant would have to pay 95 percent of the fees it charged unfairly to all the class members.
It further mentioned that in return to the refund the bank would not have to accept any wrongdoing, which happened earlier with 62,000 class members.
Chase bank Overcharged Users
The motion has notified that the bank has agreed to repay the class members because it does not want any further expense, inconvenience and distraction. The bank wanted to get rid of this long-running case.
In April 2018, Tucker filed the first class-action lawsuit against the bank alleging the bank charged him over $160 fees and interest and that’s because he regularly had bought crypto assets from Coinbase exchange with Chase Bank credit card.
Prashant Singh, the executive director of pricing processes at JPMorgan Chase, has recently asserted that from April 10, 2015, to May 21, 2020, the estimated amount of fees charged to Chase Credit Card Holders is $2,567,252.
The bank would refund almost $2.4 million to the customers.
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