September 28, 2013

Southport Bank to pay $687,000 in racial discrimination case

Southport Bank will pay $687,000 under terms of a settlement to resolve allegations of racial discrimination, according to a news release from the U.S. Department of Justice.

The Kenosha-based bank is accused of charging higher rates to hundreds of black and Hispanic customers for wholesale mortgage loans in 2007 and 2008 because of their race and national origin, according to the complaint. On average, black and Hispanic borrowers paid thousands of dollars more for a Southport loan than white borrowers,â;€¦;

Read Full Article Online »

« Return to Business Articles