Phila. Sues Wells Fargo Over Alleged Discriminatory Lending
Philadelphia has sued Wells Fargo, alleging the bank violated the Fair Housing Act by targeting minority borrowers with high-risk and high-interest loans. The lawsuit is the first that a city has lodged against a financial institution since a recent U.S. Supreme Court ruling established that municipalities have standing to sue banks over allegedly discriminatory lending practices.
May 16, 2017 at 02:38 PM
4 minute read
Philadelphia has sued Wells Fargo, alleging the bank violated the Fair Housing Act by targeting minority borrowers with high-risk and high-interest loans.
The lawsuit is the first that a city has lodged against a financial institution since a recent U.S. Supreme Court ruling established that municipalities have standing to sue banks over allegedly discriminatory lending practices.
The complaint, which was filed Monday in the U.S. District Court for the Eastern District of Pennsylvania, focuses on lending practices that occurred between 2004 and 2014, and contends that the allegedly discriminatory conduct caused high foreclosure rates in minority neighborhoods and lowered tax revenues that the city otherwise would have collected.
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