JPMorgan Chase & Co.

JPMorgan settles allegations of mortgage discrimination against minorities

JPMorgan settles allegations of mortgage discrimination against minorities

JPMorgan Chase & Co. said Wednesday that it has agreed to settle a federal lawsuit accusing the bank of discriminating against minority borrowers for years by charging them about $1,000 more for a mortgage than white customers.

The case was settled for $55 million, according to a person familiar with the settlement.

Between 2006 and 2009, JPMorgan charged at least 53,000 black and Latino borrowers more than white borrowers with the same credit and risk profile, according to the lawsuit filed Wednesday by U.S. Atty. Preet Bharara in Manhattan. The suit says black borrowers were charged an average of about $1,126 more for a $191,100 mortgage loan, while Latino customers were...

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