J.P. Morgan Sued Over Credit Card Fees for Cryptocurrency Purchases
According to MarketWatch (April 11, Hankin), "J.P. Morgan Chase & Co. is facing a lawsuit related to how it processed cryptocurrency transactions on digital-asset exchanges using credit cards." Filed in the Southern District of New York, Idaho resident Brady Tucker claims in the suit that "upon purchasing a cryptocurrency from Coinbase.com or another online crypto merchant," he incurred cash advance fees and/or cash advance interest charges on consumer credit cards issued by Chase Bank USA, the company's retail banking arm. According to the plaintiff, it was never made clear how those transactions would be treated. Tucker's attorney says the charges may have violated the Truth in Lending Act of 1968, which stipulates that financial institutions have to provide clear details on how borrowing costs are calculated and disseminated.
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