JPMorgan settles mortgage discrimination lawsuit

Markets Associated Press

  • FILE - In this Monday, Oct. 21, 2013, file photo, the JPMorgan Chase & Co. logo is displayed at their headquarters in New York. On Wednesday, Jan. 18, 2017, it was announced that JPMorgan Chase settled charges that independent brokers working for the bank discriminated against black and Hispanics customers seeking home mortgages. While the $55 million settlement is not a big financial dent to the giant bank, the cases emerged from the housing crisis, illustrating the depth of the quagmire that has trailed banks for a decade. (AP Photo/Seth Wenig, File)

    FILE - In this Monday, Oct. 21, 2013, file photo, the JPMorgan Chase & Co. logo is displayed at their headquarters in New York. On Wednesday, Jan. 18, 2017, it was announced that JPMorgan Chase settled charges that independent brokers working for the ... bank discriminated against black and Hispanics customers seeking home mortgages. While the $55 million settlement is not a big financial dent to the giant bank, the cases emerged from the housing crisis, illustrating the depth of the quagmire that has trailed banks for a decade. (AP Photo/Seth Wenig, File) (The Associated Press)

  • FILE - In this Monday, Oct. 21, 2013, file photo, the JPMorgan Chase & Co. logo is displayed at their headquarters in New York. On Wednesday, Jan. 18, 2017, it was announced that JPMorgan Chase settled charges that independent brokers working for the bank discriminated against black and Hispanics customers seeking home mortgages. While the $55 million settlement is not a big financial dent to the giant bank, the cases emerged from the housing crisis, illustrating the depth of the quagmire that has trailed banks for a decade. (AP Photo/Seth Wenig, File)

    FILE - In this Monday, Oct. 21, 2013, file photo, the JPMorgan Chase & Co. logo is displayed at their headquarters in New York. On Wednesday, Jan. 18, 2017, it was announced that JPMorgan Chase settled charges that independent brokers working for the ... bank discriminated against black and Hispanics customers seeking home mortgages. While the $55 million settlement is not a big financial dent to the giant bank, the cases emerged from the housing crisis, illustrating the depth of the quagmire that has trailed banks for a decade. (AP Photo/Seth Wenig, File) (The Associated Press)

JPMorgan Chase is settling charges that independent brokers working for the bank discriminated against minorities seeking home mortgages.

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A federal suit filed Wednesday in Manhattan accused JPMorgan Chase & Co. of charging black and Hispanic borrowers higher interest rates and fees for mortgages from 2006 to at least 2009. The lawsuit alleges that discrimination cost at least 53,000 minorities borrowers tens of millions in higher interest payments and fees.

The New York bank denied wrongdoing, but says it's agreed to settle the claims for $55 million.