![]() To compensate the estimated 50,000 Black and Hispanic borrowers who were harmed by this discriminatory practice, JPMorgan Chase ultimately agreed to create a settlement fund of $53 million. This legal action stemmed from allegations of credit discrimination based on race and nationality, with the bank found to have charged higher interest rates for minority mortgage borrowers leading up to and during the 2008 financial crisis. This was the case when the United States Attorney for the Southern District of New York filed a federal civil rights lawsuit against JPMorgan Chase in 2017.
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