JPMorgan Hit With Pair of Bias Claims in Obama’s Final Hours
- Bank accused of discriminating in mortgages and employment
- Lender settles one case for $55 million, will fight the other
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The Obama administration took two last-minute swipes at JPMorgan Chase & Co., accusing the lender in separate lawsuits of discriminating against minorities in home lending and against its own female employees by paying them less than their male counterparts.
The nation’s biggest bank has confronted claims of bias since at least 2009. In one of the cases filed Wednesday, the government said the lender’s practices cost at least 53,000 black and Hispanic borrowers tens of millions of dollars between 2006 and 2009. In the other, the U.S. said JPMorgan paid at least 93 women less than men in the same position.