Citigroup employees were found to have labeled a group of approximately 80,000 Armenian-Americans living near Los Angeles as “bad guys” and unjustly restricted their access to the bank’s credit card products, according to the Consumer Financial Protection Bureau in a statement on Wednesday.

As a result, the bank has agreed to settle the case brought by the consumer bureau under the Equal Credit Opportunity Act by paying $25.9 million, with $1.4 million going to the victims of Citigroup’s discriminatory practices and the remaining $24.5 million as a penalty for the bank’s misconduct.

Rohit Chopra, the director of the consumer bureau, stated in a news conference that ‘Citi stereotyped Armenians as prone to crime and fraud,’ and ‘in reality, Citi illegally fabricated documents to cover up its discrimination.’

It was revealed by the consumer regulator that Citi employees pegged the community in Glendale, Calif. as a group likely to accumulate large debts and flee the country.

Citigroup’s spokeswoman, Karen Kearns, apologized to any applicant who was evaluated unfairly and stated, ‘Following an internal investigation, we have taken appropriate actions with those directly involved in this matter, and we promptly put in place measures to prevent any recurrence of such conduct.’”