Photo: Carmen Natale/ALM
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.
December 16, 2019 at 01:06 PM
1 minute read
Bureau Chief
The original version of this story was published on The Legal Intelligencer
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.
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