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Mealeys

Mealey's Banking & Finance - Wells Fargo To Pay $10M To Resolve Philadelphia's Discriminatory Lending Suit

PHILADELPHIA - The city of Philadelphia and Wells Fargo & Co. on Dec. 16 filed a joint stipulation to dismiss with prejudice a lawsuit the city filed in Pennsylvania federal court against the bank, after the lender agreed to pay $10 million to resolve allegations that it violated the Fair Housing Act (FHA) by steering African American and Latino borrowers into loans that had less favorable terms than those offered to Caucasian borrowers (Philadelphia v. Wells Fargo & Co., No. 17-cv-2203, E.D. Pa.).
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