JPMorgan settles mortgage discrimination lawsuit

MarketsAssociated 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.