A lawsuit has been filed against JP Morgan Chase & Co in Manhattan, claiming that the bank charged customers unexpected fees after it stopped processing credit card purchases for cryptocurrencis and started to classify the transactions as cash advances. The lawsuit, which was first reported by Bloomberg, claims that JPMorgan, a unit of J.P. Morgan Chase, “failed to disclose its policy change on cryptocurrency payments until late last year.” Bitcoin has fallen in value by more than half from a peak of almost $20,000 in December amid concerns about regulatory crackdown. The named plaintiff in the lawsuit, Brady Tucker, is seeking actual damages and statutory damages of $1m.
A lawsuit has been filed against JP Morgan Chase & Co in Manhattan, claiming that the bank charged customers unexpected fees after it stopped processing credit card purchases for cryptocurrencis and started to classify the transactions as cash advances. The lawsuit, which was first reported by Bloomberg, claims that JPMorgan, a unit of J.P. Morgan Chase, “failed to disclose its policy change on cryptocurrency payments until late last year.” The named plaintiff in the lawsuit, Brady Tucker, is seeking actual damages and statutory damages of $1m.