High Court Says Cities Can Sue Banks Over Foreclosure Costs

Law360, New York (May 1, 2017, 10:29 AM EDT) -- The U.S. Supreme Court ruled Monday that cities can pursue banks over lost tax revenue on foreclosed properties that were allegedly the result of discriminatory lending practices, but asked lower courts to determine just what types of damages can be linked to those foreclosures. 

The U.S. Supreme Court ruled 5-3 Monday that Miami has standing to sue Bank of America and Wells Fargo over claims their bad lending practices led to shortfalls in tax revenue. (Law360) In a 5-3 decision, the high court ruled that Miami has standing to sue Bank of America Corp. and Wells Fargo & Co. under the...

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