American Honda Finance Corp. and three banks have settled class-action lawsuits brought by black customers who accused them of racial bias in automobile lending policies.
The suits alleged that company policies routinely allowed car dealers to charge black customers higher interest rates on auto loans than were given to whites with similar financial histories.
Under the settlement, American Honda and the three banks — Bank One, Bank of America Corp. and U.S. Bancorp — will set tighter caps on how much car dealers can increase interest charges on car loans.
For this complete story, please visit Honda Finance Unit, Banks Settle Auto Loan Discrimination Suits.
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