Ruling in lawsuit against State Farm Bank involving cash advance fees on crypto purchases

Quick Take

  • Eckhardt v. State Farm Bank
  • The cardholder agreement stated that certain transactions — “Quasi-cash transactions” — would not be treated as purchases and, instead, they would be deemed to be “Cash Advances,” which were subject to a higher interest rate and additional fees
  • On multiple occasions, Plaintiff purchased crypto using his State Farm Bank card, and the transactions were treated as purchases of goods then on February 4, 2018, plaintiff made another purchase, but this time the the transaction was treated as a cash advance
  • Plaintiff filed multiple claims against State Farm including violating TILA and breaching cardholder agreement

Disclaimer: These summaries are provided for educational purposes only by Nelson Rosario and Stephen Palley. They are not lega