Wells Fargo To Pay $175M To Settle DOJ Lending Bias Case

Law360, New York (July 12, 2012, 2:20 PM EDT) -- Wells Fargo Bank NA on Thursday agreed to shell out $175 million to resolve U.S. Department of Justice allegations that it discriminated against African-American and Hispanic borrowers during the height of the housing boom — the second-largest fair lending settlement in the DOJ's history.

The settlement requires Wells Fargo, the largest residential home mortgage originator in the U.S., to pay $125 million in compensation for more than 34,000 wholesale borrowers who were allegedly steered into subprime mortgages or who paid higher fees and rates than non-Hispanic...
To view the full article, register now.

Documents

Related

Sections

Case Information

Case Title

UNITED STATES OF AMERICA v. WELLS FARGO BANK, N.A.


Case Number

1:12-cv-01150

Court

District Of Columbia

Nature of Suit

Civil Rights: Accommodations

Judge

John D. Bates

Date Filed

July 12, 2012

Law Firms

Companies

Government Agencies

Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.