I don't see anything spectacular here, JPM just decided to settle because it is obviously cheaper for them, and also because in this way they will return only 95% of the allegedly overpaid fees. Also they do not admit that they are wrongdoing, and their current attitude towards cryptocurrency is diametrically opposed to what it was 2 years ago.
the fact that the case was settled and JPM admitted no wrongdoing leaves the legal question wide open. chase is not the only bank who charges coinbase deposits via credit card as cash advances. BOA, citi, and others do it too. i wonder if we'll see another class action lawsuit against another bank.
from what i can gather, the plaintiffs would only win on a technicality, not the substance of the issue. credit card issuers have the right to specify at their discretion (in the cardmember terms) what transactions constitute cash advances. the problem here was the JPM may not have properly notified customers of changes to their terms.
it seems like common sense to me. banks letting cardholders buy currencies or speculative assets on credit is risky business. they ought to be hedging that risk with cash advance fees and higher interest fees.
