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Philadelphia sues Wells Fargo over discriminatory lending

Livinglies's Weblog

Cites recent Supreme Court decision that gave cities right to sue lenders

Scales of justice with gavel

Earlier this month, the Supreme Court ruled that cities have the right to sue banks over discriminatory mortgage lending practices, but the ruling established a standard that might be tough for the city in question to prove.

Now, one city is going to put that standard to the test.

The city of Philadelphia announced Monday that it is suing Wells Fargo for alleged discriminatory lending practices against minority borrowers.

Philadelphia’s announcement specifically cites the recent Supreme Court decision, which stemmed from a lawsuit brought by city of Miami against Bank of AmericaCitigroup, and Wells Fargo in 2013.

In its lawsuit, Miami claimed that the banks engaged in predatory lending to minority borrowers in the city, and accused the lenders of “reverse redlining,” which led to a large number of…

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