The sixth-largest bank worldwide, JPMorgan Chase Banking company, has settled a lawsuit over unannounced changes fabricated to the fee construction applied to cryptocurrency purchases fabricated using its credit cards in 2022. The details of the settlement take not been disclosed.

Plaintiffs Brady Tucker, Ryan Hilton, and Stanton Smith accused Chase Bank of violating its cardholder terms of service during Jan 2022.

The trio asserts that Chase applied the fee structure for cash advances to cryptocurrency purchases fabricated with Hunt's credit cards for 10 days without providing whatsoever warning every bit to the change.

Chase changes fee structure for crypto purchases without warning

During a previous hearing, Hunt sought to argue that cryptocurrency purchases comprise "cash-similar transactions" as per its terms of service, and as such, it did non breach its contract with cardholders.

Even so, in August, Gauge Failla ruled that the trio had demonstrated a apparent interpretation of "greenbacks-like" every bit exclusively referring to financial instruments tied to fiat currency — such every bit traveler'southward bank check and money orders, and cash.

Chase besides claimed that the adjusted fee schedule was the result of crypto commutation Coinbase changing its merchant category code from "purchases" to "cash advances."

Plaintiffs sought $1 million in statutory damages

Tucker originally filed the adapt during April 2022. After the bank sought dismissal of the case in July 2022, Tucker filed an amended complaint alongside Smith and Hilton.

Challenge to represent a course of up potentially thousands of Hunt Bank cardholders impacted by the unannounced changes, the plaintiffs sought total refunds of all charges wrongfully incurred in addition to $ane meg in statutory damages.

All parties now have 75 days to submit their stipulations of settlement, otherwise, the plaintiffs can apply for the action to be restored.

JPMorgan Hunt targets burgeoning stablecoin sector

Last month, JPMorgan Hunt published a 74-page report examining the development and state of the blockchain industry.

While acknowledging that distributed ledger technologies had seen significant adoption for niche financial applications such as stock exchanges, the report concluded that mainstream blockchain adoption is still many years away.

Despite its predictions, America'southward largest bank has moved quickly to capitalize on the recent boom in stablecoin interest. During February 2022, JPMorgan Chase became the offset U.South. depository financial institution to successfully test a stablecoin representing fiat currency later trialing its 'JPM Coin'.