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BofA to pay $4.2M to settle racial discrimination charges in hiring practices

Bank of America Corp. will pay $4.2 million in back wages and interest to settle allegations of racial discrimination against job applicants.

The U.S. Department of Labor said the banking giant discriminated against African Americans, Hispanics and women applying for jobs such as phone representatives, sales specialists and mortgage underwriters.

The government agency said the violations took place in BofA's locations in Pennington, N.J.; Jacksonville, Fla.; Kennesaw, Ga.; and the Texas branches in Addison, Fort Worth and Plano.

BofA also agreed to monitor its hiring practices nationwide and retain a consultant to evaluate hiring procedures for a five-year period under the settlement's terms.