The firm has agreed to pay 24 million to settle a potential lawsuit from black financial advisors who say they were mistreated at the bank because of their race.

 JP Morgan Chase will pay $24 million to settle a potential lawsuit from black financial advisors who say they were mistreated at the bank because of their race, according to reports.

Six current and former employees said that "systemic, intentional race discrimination" at Chase led to less lucrative tasks and lower pay for black financial advisors. They had been threatening a class-action suit, reports said.

To avoid a court battle, JP Morgan will pay $19.5 million to more than 250 current and former employees. It will also create a $4.5 million fund to support anti-bias training and the recruitment and mentoring of black employees.

A spokersperson for the firm said: "This eliminates the need for litigation, allowing us to continue our focus on the diverse and inclusive environment that is critical to our success. We’ll continue to work with our black advisors through recruiting, development, coaching and management training."

Other big Wall Street banks have settled similar cases. Wells Fargo agreed to pay $35.5 million to settle with black financial advisers in late 2016. Bank of America's Merrill Lynch arm said it would pay $160 million to settle a class action lawsuit from African-American brokers in 2013.