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JPMorgan to settle for $55M over lending discrimination claims

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JPMorgan to settle for $55M over lending discrimination claims

JPMorgan Chase & Co. will pay the U.S. Department of Justice a $55 million settlement for the alleged discrimination of minority mortgage borrowers, The Wall Street Journal reported Jan. 18, citing a person familiar with the matter.

The complaint, filed by U.S. Attorney Preet Bharara, alleged that the bank charged around 53,000 black and Hispanic borrowers higher rates and fees compared to white borrowers. On average, African-American customers pay $1,126 more on an average loan size of $191,100, while Hispanic customers pay $968 more on an average loan size of $236,800, the news outlet reported.

A JPMorgan spokeswoman told the WSJ that the bank denies any wrongdoing and that the allegations were related to pricing set by independent brokers who were not bank employees.