Capital One To Pay $3M To Resolve Race Bias Suit

Law360, New York (October 2, 2013, 1:54 PM EDT) -- Capital One NA will pay $2.85 million to settle allegations that a banking company it acquired in 2009 engaged in widespread racial discrimination by charging unreasonably high interest rates and fees to minority mortgage seekers, the U.S. Department of Justice announced Monday.

In the four years before Capitol One acquired it, Chevy Chase Bank FSB had a companywide policy that resulted in African-American and Hispanic borrowers being charged higher rates and fees for no other reason than their race or national origin, according to the DOJ's...
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