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Minorities, DCX Settle Lawsuits

July 5, 2005

Minority customers in Chicago and New Jersey involved in class-action racial discrimination lawsuits against DaimlerChrysler AG’s North American finance unit have reached tentative settlements.

DaimlerChrysler admitted no wrongdoing but will pay millions of dollars in legal fees, the creation of consumer education programs on vehicle financing and antidiscrimination training for employees, reported The Detroit News.

The settlement in New Jersey places a 2.5 percentage-point limit on loan markups. DaimlerChrysler’s previous cap was 3 percentage points.

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