Bank Of America Dodges LA's Discriminatory Lending Suit
By Kurt Orzeck (May 14, 2015, 10:50 PM EDT) -- Bank of America Corp. has escaped a suit in which Los Angeles accused it of targeting minority neighborhoods with predatory loans, after a California federal judge found no evidence that the city suffered damages, according to a filing made public Thursday.
Granting summary judgment without oral argument, U.S. District Judge Percy Anderson on Monday shot down the city's argument that the loans injured its ability to protect residents from housing discrimination, creating a concrete injury under the Fair Housing Act.
Los Angeles attorneys originally contended that the city suffered from decreased property tax revenues because of foreclosures caused by the allegedly...
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