JPMorgan Chase Settles Federal Mortgage Discrimination Suit for $55 Million

Style Magazine Newswire | 1/20/2017, 12:41 p.m.
JPMorgan Chase said Wednesday that it had agreed to settle a federal lawsuit accusing the bank of working with mortgage ...
JPMorgan Chase

Source: The Washington Post

JPMorgan Chase said Wednesday that it had agreed to settle a federal lawsuit accusing the bank of working with mortgage brokers who discriminated against minority borrowers for years by charging them $1,000 more than white customers.

The case was settled for $55 million, according to a person familiar with the settlement who spoke on the condition of anonymity because the details are not yet public. Between 2006 and 2009, JPMorgan charged at least 53,000 black and Hispanic borrowers more than white borrowers with the same credit and risk profiles, according to a lawsuit filed by U.S. Attorney Preet Bharara in Manhattan.