Tag: class action settlement

JP Morgan Chase to Pay $24 Million to Settle Class Action Discrimination Lawsuit

(photo via black enterprise.com)

by Jeffrey McKinney via blackenterprise.com

JPMorgan Chase & Co. will pay $19.5 million to more than 200 current and former black financial advisers and their attorneys in a class action settlement with the bank.

The nation’s largest bank also will spend $4.5 million to launch in-house development programs over the next three years to recruit advisers and help them be successful in those positions.

The New York-based bank recently reached the $24 million settlement after six current or former black financial advisers at the bank filed a discrimination suit, basically alleging they were mistreated because of their color.

The settlement will help the banking powerhouse avoid a court battle. The advisers had been seeking class-action status, Bloomberg reported.

“This allows us to continue to focus on the diverse and inclusive environment that is critical to our success,” Tom Kelly, a JP Morgan spokesman, said. “We’ll keep work with our black advisers through recruiting, development, coaching and management training.”

The suit asserts JP Morgan sent white advisers to wealthier sites while assigning black peers to branches that were not as successful. The advisers added black employees received lower pay and had fewer licensed bankers to support them. Further, the suit claims black personnel was blocked from a program that catered to wealthier clients.

“These racial disparities result from Chase’s systemic, intentional race discrimination and from policies and practices that have an unlawful disparate impact on African Americans,” the six plaintiffs said in court papers, Bloomberg reported.

The plaintiffs included Jerome Senegal in Texas, Erika Williams in Illinois, Brent Griffin in Wisconsin, Irvin Nash in New York, Amanda Jason in Kentucky, and Kellie Farrish in California. “Our clients are proud of this outcome and acknowledge that JPMorgan had a choice to fight,” their lawyer Linda Friedman said in an email via Bloomberg. “Each case builds on the last. This is how progress is made.”

Other major banking and financial services firms have faced parallel accusations. Last year, Wells Fargo reached a $35.5 million settlement with a group of black financial advisers who claimed the firm discriminated because of their race. Five years ago, Bank of America Corp.’s Merrill Lynch resolved a race discrimination suit for $160 million.

Source: https://www.blackenterprise.com/jpmorgan-chase-discrimination-lawsuituit/

Protesters Arrested During Marches for Alton Sterling in Baton Rouge to be Awarded Up to $1,000 in Class-Action Settlement

(photo via NBC News)

via blavity.com

Nearly a year after protesters in Baton Rouge were arrested during marches for 37-year-old resident Alton Sterling – who was killed by police while selling CDs outside of a store – a federal judge approved a class-action settlement Friday, Oct. 27 that awards up to $1,000 to dozens. One of the most high-profile activists to be involved with the settlement was DeRay Mckesson, who was arrested along with 69 others. Besides cash payments, the victims will have their records expunged free of charge, the Associated Press reports.

U.S. District Judge John W. deGravelles gave the final approval regarding the settlement after a hearing with McKesson and other plaintiffs. The 69 plaintiffs will ultimately be rewarded amounts ranging from $500 to $1,000 out of the total value of the settlement estimated at $136,000. “It obviously is a matter that touches on a lot of sensitive issues and had the potential for being very contentious and destructive,” deGravelles said.

Kira Marrero, a 24-year-old plaintiff from New Orleans, was arrested while protesting the police-involved shooting of Sterling. “I’m definitely glad that we’re getting some justice, though at the same time it’s a really painful memory to dig up,” she said. “I’m still pretty heartbroken, I guess, by everything that happened. I think everyone who knew me trusted that I wasn’t out there breaking the law and that clearly something was wrong.”

To read more, go to: Baton Rouge Protesters Will Be Awarded Up To $1,000 In Class-Action Settlement | BLAVITY