Current and former employees of JP Morgan filed a lawsuit seeking class action status against the bank. In response, JP Morgan has agreed to a $19.5 million settlement with the class members. Another $4.5 million will be put into a fund supporting recruitment, bias training, review of assignments, and coaching program for black advisers. The settlement reportedly many who would have been included in the class action case.
Big banks such as JP Morgan have seen a steady decline in black employees each year.
The lawsuit against JP Morgan alleges that JP Morgan would send white employees to wealthier branches while sending black employees to less desirable branches.
JP Morgan is not the first big bank to face a race discrimination suit. Wells Fargo previously settled a claim of race discrimination for $35.5 million while Merrill Lynch paid out $160 million in a race discrimination claim just five years ago. These settlements included many workers who alleged they were mistreated.
If you believe you have been discriminated against, please consider contacting the lawyers at the Bullman Law Firm. We represent workers, not employers. Our phone number is 503-987-0000. There is no charge for your phone call.