Citigroup Ordered to Pay $25.9 Million for Discriminating Against Armenian-Americans
Citigroup has agreed to pay $25.9 million to settle claims that its employees discriminated against Armenian Americans living near Los Angeles by denying them fair access to the bank's credit card products. The Consumer Financial Protection Bureau found that Citigroup employees labeled the community as "bad guys" and engaged in discriminatory practices from 2015 to 2021. The bank's misconduct included fabricating documents to cover up the discrimination. Of the settlement amount, $1.4 million will go to the victims, while $24.5 million is a penalty for the bank's actions. Citigroup has apologized and implemented measures to prevent recurrence.