Chevy Chase Bank has settled with the Justice Department to compensate qualified African-American and Hispanic mortgage buyers, who were charged on average hundreds of dollars more than whites by the financial institution from 2006 to 2009.
About 3,100 Blacks and Hispanics are to receive a split sum of $2.85 million from Capitol One Bank, which purchased Chevy Chase in 2009. The settlement is still subject to court approval by the U.S. District Court for the Eastern District of Virginia.
"This settlement ensures that African-American and Hispanic borrowers who paid more for their mortgages as a result of Chevy Chase Bank’s actions will be properly compensated," said Jocelyn Samuels, of the Justice Department. "We commend Capital One for working cooperatively with the Justice Department to reach this agreement."
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(Photo: The Washington Times/Landov)