Wells Fargo's $7.5M Deal Ends Discriminatory Lending Suit

Law360, New York (May 30, 2012, 8:55 PM EDT) -- Wells Fargo Bank NA on Wednesday announced that the city of Memphis and Shelby County, Tenn., dropped their lawsuit accusing the bank of improper lending practices in its minority neighborhoods after the parties reached a $7.5 million agreement.

The bank says it will provide the city and county $4.5 million in grants for mortgage down payment and home renovation assistance and another $3 million to advance local programs aimed at improving economic vitality, preserving public safety and increasing financial literacy. Individuals can qualify for grants of...
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