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    JPMorgan Chase Reaches $55Mln Settlement Over Charges of Racial Discrimination

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    JPMorgan Chase announced in a statement on Wednesday it has agreed to pay $55 million to settle federal charges the bank discriminated against black and Hispanic mortgage borrowers.

    NEW YORK (Sputnik) — The bank has agreed to settle legacy allegations "that relate to pricing set by independent brokers."

    "We deny any wrongdoing and remain committed to providing equal access to credit," the statement said.

    The federal lawsuit, filed by US attorney for the Southern District of New York Preet Bharara, alleges that the nation's largest bank charged higher mortgage rates to thousands of black and Hispanic home buyers between 2006 and 2009.

    "In thousands of instances, an African-American borrower with the same credit and risk profile as a white borrower, entering into the same type of Chase… mortgage, paid higher loan rates and larger fees," the lawsuit claimed.

    The US government sought damages for borrowers and implementing measures so as to preventing future misconduct.

    JPMorgan Chase attorneys reportedly denied the allegations in court.

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    racial discrimination, settlement, JPMorgan Chase, Preet Bharara, United States
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