NEW YORK (TheStreet) -- JPMorgan Chase and Co. (JPM) is being sued by the City of Miami over accusations of predatory mortgage lending in minority neighborhoods that led to a number of foreclosures during the housing crisis, Reuters reports.
The lawsuit, filed on June 13 in a Florida federal court, claims that JPMorgan has been violating the U.S. Fair Housing Act since 2004 by engaging in the practice of discriminatory mortgage lending.
The Fair Housing Act prohibits discrimination by direct providers of housing, banks, or other lenders based on race, religion, sex, or national origin, according to the Justice Department.
Shares of JPMorgan are lower by -0.39% to $56.82 in afternoon trading on Monday.
Separately, TheStreet Ratings team rates JPMORGAN CHASE & CO as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate JPMORGAN CHASE & CO (JPM) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its increase in stock price during the past year and expanding profit margins. We feel these strengths outweigh the fact that the company has had sub par growth in net income."