The city of Los Angeles filed a lawsuit against JPMorgan on Friday, May 30, that accuses the bank of discriminatory lending practices. The suit alleges that JPMorgan pushed minority borrowers toward risky home loan products, eventually resulting in “a foreclosure wave that hammered property values and city coffers,” reported the Los Angeles Times.
The city also levied similar suits against Wells Fargo, Citigroup and Bank of America last year, reported Bloomberg. Wells Fargo attempted to have its suit thrown out, but a Los Angeles judge ruled against the bank last week, meaning the case will go to court.
Read more: JPMorgan Accused of Discriminatory Home Lending by City of Los Angeles
