Multinational investment bank and financial services corporation, Citigroup Inc., is currently facing allegations of racial discrimination. The lawsuit was filed by plaintiffs who do not bank with Citigroup, claiming that the organization waived ATM fees for customers of minority-owned banks while charging out-of-network fees for transactions at the bank’s ATMs in Florida.
According to the lawsuit filed in Fort Lauderdale, the litigants argue that Citigroup’s policy contravenes both federal and California law. The plaintiffs’ representation stated in the suit, “Citi intentionally discriminated against plaintiffs and those similarly situated for banking with financial institutions owned by people of the wrong race.”
This lawsuit makes two critical allegations. First, that the complaint claims the lender’s ATM fee policy is a violation of federal law. Secondly, that despite Citigroup claiming this policy’s intention to alleviate ‘barriers to banking’, the plaintiffs argue it is discriminatory.
The case is currently unfolding, with both legal teams and financial institutions across the globe keenly watching the developments. As further information becomes available and legal arguments are presented, it spells out more implications for banking policies, minority-owned banks, and federal anti-discrimination legislation at large.
For more detailed coverage on this ongoing legal dispute, visit the full article on Bloomberg Law.