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
1 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.
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