The Atlantic

J.P. Morgan Chase's $55 Million Discrimination Settlement

A claim filed on Wednesday alleges that the bank charged black and Hispanic homeowners higher rates for mortgages, amounting to "tens of millions" of dollars of illegal charges.
Source: Dylan Martinez / Reuters

On Wednesday, the U.S. attorney for the Southern District of New York, Preet Bharara filed a lawsuit against J.P. Morgan Chase alleging that the bank had engaged in discriminatory mortgage practices from 2006 through 2009. According to the complaint, the bank is responsible for brokers charging black and Hispanic borrowers higher rates for mortgages than white borrowers with similar credit profiles. According

You're reading a preview, sign up to read more.

More from The Atlantic

The Atlantic6 min readSociety
We Need a More Targeted Approach to Combatting Global Inequality
A new trove of data may allow us to replace a trickle-down approach with more precise efforts.
The Atlantic6 min readPolitics
Let Them Fight
Democratic primary voters should have a chance to evaluate how their potential standard-bearers fare against hostile criticism.
The Atlantic11 min readPolitics
Can This Small Party Stop Brexit?
BOURNEMOUTH, England—Standing onstage in front of her party faithful, Jo Swinson had a surprise. At the opening rally of the Liberal Democrats’ conference here at the British seaside, the crowd knew what to expect—all week, rumors had been buzzing th