banks

Bank of America to Pay Black Job Applicants $2.2 Million

NorthStar News

A United States Department of Labor Administrative Law Judge has ordered Bank of America to pay $2.2 million in back wages to more than 1,100 African Americans who were rejected for jobs. The ruling ends a nearly two-decades old legal dispute. Judge Chapman issued her ruling after determining that bank officials applied unfair and inconsistent selection criteria resulting in the rejection of African Americans for jobs as tellers, entry-level clerical and administrative positions.

After $8.5 Billion Settlement, Millions of Homeowners Will Receive Relief

Ngoc Nguyen and SuZanne Manneh

In light of a recent $8.5 billion settlement between federal bank regulators and 10 big banks, 3.8 million homeowners can expect to get a check in the mail. The agreement, announced Monday, calls for $3.3 billion in direct payments to eligible homeowners – people who had home loans with one of the 10 banks in the agreement and who were in some stage of foreclosure in 2009 and 2010. Another $5.2 billion is set aside for other forms of relief to homeowners, including loan modifications.

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