J.P. Morgan Chase & Co. will settle with U.S. Attorney Preet Bharara for $55 million over allegations that independent brokers doing business with the bank discriminated against minority mortgage seekers, a person familiar with the matter said.

The settlement is related to a complaint Bharara filed Wednesday alleging that J.P. Morgan Chase Bank JPM, -1.14% charged African-American and Hispanic borrowers higher rates than white borrowers from 2006 to 2009, in violation of the Fair Housing Act.