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Toyota Motor Credit to refund up to $21.9 million to settle US discriminatory pricing charges

( February 2, 2016, 21:46 GMT | Official Statement) -- MLex Summary: The US Consumer Financial Protection Bureau and the US Department of Justice on Tuesday said that California-based Toyota Motor Credit, a unit of Toyota Motor, agreed to settle charges that it engaged in auto lending discrimination against African American and Asian and Pacific Islander borrowers. Under the agreement, the company will pay up to $21.9 million in restitution to harmed borrowers and change its pricing and compensation system to reduce dealer discretion and financial incentives to mark up interest rates.Statement follows in full. Also see document below....

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