LA Sues JPMorgan, BofA, Citi Over Discriminatory Lending
Law360, Los Angeles (December 22, 2014, 6:56 PM EST) -- The city of Los Angeles on Friday sued JPMorgan Chase & Co., Bank of America Corp., CitiGroup Inc. and Wells Fargo & Co. alleging the banks' lending practices violated unfair business practice laws by discriminating against nonwhite borrowers.
The complaints allege the banks had previously targeted minority populations for exploitative and predatory subprime loans until 2007. At that point, the lawsuits say, the banks began withholding loans from minority borrowers, regardless of creditworthiness.
"In other words, [each bank] not only refused to extend credit to minority borrowers when compared to white borrowers, but when the bank did extend credit, it did...
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