JPMorgan Busted Over Bitcoin Fraud... Seriously!

Oh, the irony...

Jamie Dimon has come a long way in seven months...

From "Bitcoin is a fraud" in September to "Busted for Bitcoin fraud" in April.

Reuters reports that JPMorgan Chase & Co has been hit with a lawsuit in Manhattan federal court accusing it of charging surprise fees when it stopped letting customers buy cryptocurrency with credit cards in late January and began treating the purchases as cash advances.

The lawsuit accuses Chase of violating the U.S. Truth in Lending Act, which requires credit card issuers to notify customers in writing of any significant change in charges or terms.

Simply put, the bank switched from charging regular interest rates to charging, higher, cash advance rates on purchases of cryptocurrencies without notice to customers about the change.

The named plaintiff in the lawsuit, Idaho resident Brady Tucker, was hit with $143.30 in fees and $20.61 in surprise interest charges by Chase for five cryptocurrency transactions between Jan. 27 and Feb. 2, his lawsuit said.

With no advance warning, Chase “stuck the plaintiff with the bill, after the fact of his transactions, and insisted that he pay it,” the lawsuit said.

Hundreds or possibly thousands of other Chase customers were hit with the charges, Tucker said.

The lawsuit is asking for actual damages and statutory damages of $1 million.

Full Docket below...

Comments

JimmyJones overbet Wed, 04/11/2018 - 16:20 Permalink

Could be construed as that.  But if Bitcoin is a series of digital 1 and 0's, its closer to software.  You can buy crappy software for as much as you want to right now on a credit card and that software could have far lower functionality.  For example, I write software that prints "hello World" on the screen when run.  You can download it from me for $10,000 (only a idiot would)  a credit card company wouldn't care if it sucked or not and regular fee's would apply. 

In reply to by overbet

lookslikecraptome 1.21 jigawatts Wed, 04/11/2018 - 15:51 Permalink

Y R U ALWAYS PICKING ON LESTER IN SUCH A MATURE WAY?    GOTTA ADMIT THE CRYPTO ARTICLES BRING OUT THE BEST IN THE HEDGERS!!!!!!!!!!!!   ESPECIALLY WHEN COINISTA AND THE SNORKELER KID GET TO YAMMERING!!!!!!!!!!!!!!!!!!!!

 

UK NOW JIGGY?   U REALLY GET UR PANTIES IN A TWIST OVER LESTER. CAPICHE????????

 

DAMN I SO LOVE UNDERSTATEMENTS VERSUS GETTING OVER THE TOP!!!!!!!!!!!!!!!

 

I HOPE I AM NOT MESSING WITH PEOPLE'S DISSONANCE TOO MUCH.  IF SO. MOS IS ALWAYS THERE TO HELP YOU. 

 

JIGGY I DO NOTE U DID NOT ANSWER LESTERS QUESTION. WHICH ASSET LOSES 65% OR MORE OF ITS VALUE IN TWO MONTHS.

 

PERHAPS YOU COULD PUT YOUR ANSWER IN CAPS TO DIMINISH LESTER IF IT DOES NOT RAISE TO MUCH DISSONANCE IN YOU. IF IT DOES U CAN ALWAYS GET THERAPY, OR BUTT BANGED, FROM T MOS.

In reply to by 1.21 jigawatts

lookslikecraptome radio man Wed, 04/11/2018 - 16:28 Permalink

damn straight. google up the art budget for the catholic church, or the Episcopalians, or Bhgwan Rajneesh for starters.

K that is all the comments for now. I am blasting off for the moon in the rocket i bought with bitcoin which is where bitcoin is going. probably have a party with some hookers and blow when i get there. the rocket is made by the lambo factory.  

Eff u coineratti. I got me a rocket. u only got a car. pssst i no longer HODL!!!!!!!!!!!  use that word to look cool right? or maybe a moron. 

 

In reply to by radio man