PayPal Agrees to Settle US Probe of DEI Business Initiative

PayPal Holdings Inc. has agreed to resolve a US Justice Department probe into allegations the company had violated federal civil rights laws when it started an initiative to support minority-owned businesses.

Under terms of the settlement, PayPal agreed to forgo about $30 million in processing fees from about $1 billion of transactions. The payment platform also plans to start a small business initiative, which would include fee waivers for veterans and businesses engaged in farming manufacturing or technology, according to the settlement agreement.