Wells Fargo Must Face Oakland’s Trimmed Loan Bias Suit

Law360 (June 18, 2018, 11:23 PM EDT) -- A California federal judge ruled Friday that Oakland can proceed with trimmed allegations that Wells Fargo steered minorities to pricey subprime loans that increased foreclosure rates, saying the city’s bid to sue over reduced property taxes passes muster under the U.S. Supreme Court’s Bank of America v. Miami decision.

U.S. District Judge Edward M. Chen refused to dismiss all of Oakland’s claims, saying some of the harms alleged by the city were, at least at the pleading stage, sufficiently connected to Wells Fargo NA’s alleged wrongdoing to satisfy the standard set out in the 2017 Bank of America decision. That high...

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