Los Angeles Drops Mortgage Discrimination Lawsuit Against J P Morgan Chase

Los Angeles Drops Mortgage Discrimination Lawsuit Against J P Morgan Chase

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Los Angeles has dropped a mortgage discrimination lawsuit against J P Morgan Chase (JPM) that accuses the bank of “red-lining” mortgages for minorities and driving up foreclosures on loans the bank made to minorities.

According to Reuters, the City of Los Angeles will still pursue similar complaints of discrimination against Bank of America (BAC), Wells Fargo (WFC) and Citigroup (C).

Filed last year in U.S. District Court in Central California, the lawsuit accused JPMorgan of engaging in mortgage discrimination since 2004. But in court filings, JPMorgan denied that it discriminated against minority borrowers claiming Los Angeles was trying to make the bank responsible for lending by Washington Mutual which JPMorgan acquired in 2008.

Shares of JP Morgan are fractionally higher at $62.82 with a 52-week range of $50.07 to $63.66.

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