August 13, 2012

Wells Fargo settles huge $175 million discriminatory lending lawsuit

In New York, Wells Fargo agreed to pay $175 million in order to settle discrimination lending practices lawsuit which was brought by minority borrowers who claim they were discriminated against. The Department of Justice had accused Wells Fargo of discriminating against African-American and Hispanic borrowers by having them get involved in more expensive subprime loans. More than 30,000 minority borrowers between 2004 and 2009 were affected. See Growing statistics such as these highlight the importance […]