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JPMorgan Settles Class Action Lawsuit by Black Financial Advisers

Andrew Brunton
JPMorgan Settles Class Action Lawsuit by Black Financial Advisers

JPMorgan Chase (JPM) has settled a class-action lawsuit filed by a group of black financial advisers who alleged racial discrimination. Bloomberg, the financial data and news provider agency, revealed yesterday that six of the bank’s current and former employees had filed the lawsuit. The court documents alleged that the nation’s largest bank is indulged in “systemic, intentional race discrimination” since it assigns lucrative assignments to white advisers while assigning less profitable branches to black advisers.