In one of its final moves, the Obama administration hit JPMorgan Chase & Co. with a one-two punch in the form of two discrimination lawsuits: one for discriminating against black and Latino mortgage borrowers and another for discriminating against their own female employees.
On Wednesday, the U.S. Justice Department filed a lawsuit against the largest bank in the nation, JPMorgan Chase & Co., alleging that from 2006 to 2009 it discriminated against African Americans and Latinos by charging them higher mortgage interest rates and fees when compared to “similarly situated white borrowers.”
According to Bloomberg, on average, black borrowers paid $1,126 more in fees while Latinos paid an average of $968 more in fees when compared to white customers.
JPMorgan spokesperson Elizabeth Seymour said, “We’ve agreed to settle these legacy allegations that relate to pricing set by independent brokers. We deny any wrongdoing and remain committed to providing equal access to credit.” They settled on the same day the lawsuit was filed.
The second lawsuit against the bank was filed by the Labor Department and claims that 93 female tech employees were paid lower wages than their non-female counterparts. JPMorgan Chase & Co. isn’t settling in this case and says that they’re looking forward to getting their evidence in front of “a neutral decision maker,” which is just another way of saying, “see you in court.”
Click here to find out more about the lawsuits filed against JPMorgan Chase & Co.
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