Los Angeles drops mortgage discrimination case against JPMorgan

September 3, 2015 4:50 PM

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Los Angeles drops mortgage discrimination case against JPMorgan

NEW YORK Los Angeles has dropped a lawsuit accusing JPMorgan Chase, the largest U.S. bank, of discriminatory mortgage lending, ending the first of the city's four lawsuits accusing major banks of driving up foreclosures among minority borrowers.

Disclosed in a filing on Tuesday in a California federal court, the agreement ends a lawsuit attempting to hold the bank liable for lost property tax revenues caused by falling home values and the cost of repairing blight in minority neighborhoods hit by foreclosures.

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