Chase Bank To Settle Crypto Credit Card Purchases Suit

Law360 (March 11, 2020, 6:45 PM EDT) -- Chase Bank has arrived at a settlement agreement in principle with a class of customers who alleged the bank ambushed them by billing their credit card cryptocurrency purchases as expensive cash advances without notice.

According to a joint letter filed by counsel for Chase on Tuesday, the parties expect to present Judge Katherine Failla of the U.S. District Court for the Southern District of New York with a finalized settlement agreement and related preliminary approval papers within 60 to 75 days.

The details of the settlement were not available. Counsel for the purchasers declined to comment, and counsel for Chase did...

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