WASHINGTON – The financial services company PayPal has reached a $30 million settlement agreement with federal authorities following a government investigation into a business investment initiative, the Department of Justice announced Tuesday.
The investigation centered on PayPal’s investment program that was designed to support Black and minority-owned businesses. According to the Justice Department’s Tuesday statement, officials determined the program violated federal law and constituted discrimination.
The settlement resolves the federal probe into what the Department of Justice characterized as an “unlawful” and “discriminatory” investment initiative.
