Phila.'s Discrimination Lending Litigation Ends With $10M Pledge From Bank
In a first-in-the-nation settlement after a landmark U.S. Supreme Court decision, the city of Philadelphia has agreed to resolve its discriminatory lending claims against Wells Fargo Bank for $10 million.
December 19, 2019 at 02:44 PM
4 minute read
Philadelphia v. Wells Fargo Bank
$10M Settlement
Date of Settlment: Dec. 16.
Court and Case No.: U.S. Dist. Court, E.D. Pa. No. 2:17-cv-02203-AB.
Mediator: Diane Welsh.
Type of Action: Civil rights.
Injuries: Discriminatory lending.
Plaintiffs Counsel: Sherrie Savett, Berger Montague; City Law Department attorneys.
Defense Counsel: Alexander "Lex" Bono, Duane Morris, Philadelphia.
Comment:
In a first-in-the-nation settlement after a landmark U.S. Supreme Court decision, the city of Philadelphia has agreed to resolve its discriminatory lending claims against Wells Fargo Bank for $10 million.
The agreement between San Francisco-based Wells Fargo and Philadelphia is the first resolution of a lawsuit lodged by a municipal government against a financial institution since a 2017 U.S. Supreme Court ruling established standing for them to sue banks over discrimination.
Mayor Jim Kenney's office announced the settlement Monday morning, saying that, under the agreement, the bank will contribute $10 million for sustainable housing-related programs aimed at promoting and preserving homeownership for low- and moderate-income Philadelphians. The resolution comes a year after the litigation was sent to mediation.
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