Business
PayPal Reaches $30 Million Pact With Justice Department Over Minority Funding
PayPal agreed to forgo approximately $30 million in transaction fees to end a Justice Department probe into allegations that the financial services company had adopted unlawful preferences for minority-owned businesses.
Justice Department officials had been investigating whether the company violated a federal civil rights law that prohibits creditors from discriminating against applicants based on race. The department’s probe targeted PayPal’s $530 million plan to support Black and minority-owned businesses, which the company created in 2020, shortly after the killing of George Floyd by a police officer prompted a nationwide conversation about racial inequality.
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