‘Illegal gain in Bitcoin purchases’ lawsuit against JP Morgan

JP Morgan, the world’s leading financial services provider and the largest banking institution in the United States, has been sued for issuing undeclared fees to customers who use their credit cards to purchase cryptocurrencies, Reuters reported.. The bank, which allegedly treated cryptocurrency purchases as cash advances, received unfairly high fees from its customers.

The case was heard in a federal court in Manhattan last Tuesday.. The bank is accused of charging extra fees, charging high interest rates on cash advances, and refusing refunds to customers who complain. claimed to have demanded payment. Tucker appealed to the bank’s customer service about the fees, but the bank dismissed that appeal.

The lawsuit alleges that JP Morgan violated the written notification to customers of policy changes in the US lending law.

The case is alleged.

The lawsuit also seeks the bank to pay Tucker and other aggrieved customers financial damages, $1 million in legal damages, court costs and attorney fees, according to complaints filed with the court. ta banned customers from using credit cards to purchase cryptocurrencies.

On the other hand, JP Morgan’s CEO, Jamie Dimon, in a statement he made last year, described Bitcoin as ‘fraud’.