May 25, 2017

Wells Fargo Accounts Scandal May Boost Mortgage Discrimination Lawsuits

Bank mortgage discrimination

The LA Times reports on the possible ramifications of the Wells Fargo false accounts scandal in light of the U.S. Supreme Court’s recent decision to allow mortgage discrimination cases against Wells Fargo and other bank giants to proceed. Noting that the Supreme Court decision is “more than just another bad headline” for Wells Fargo, the…

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May 15, 2017

City of Philadelphia Files Lawsuit Against Wells Fargo for Discriminatory Lending

Discriminatory mortgage lending

Lawsuit Alleges the Bank Targeted Minority Borrowers with High-Cost Loans PHILADELPHIA-The City of Philadelphia today filed a federal lawsuit against Wells Fargo in the United States District Court for the Eastern District of Pennsylvania. The City’s Complaint asserts that Wells Fargo has engaged in discriminatory lending practices that target minority borrowers.

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May 12, 2017

New Data Points to Wells Fargo Creating 3.5 Million Phony Accounts, 1.4 Million More Than It Previously Admitted

Bank account

A new court filing made as part of a forthcoming class action settlement with Wells Fargo Bank suggests the banking giant created 1.4 million more fraudulent accounts than it previously reported. This would bring the total number of unauthorized accounts to 3.5 million. The new data indicates the creation of these sham accounts dates as…

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May 8, 2017

Jost on Justice, “Banks May Pay for Ravaging Minority Neighborhoods”

United States Supreme Court

In his latest “Jost on Justice” blog post, legal scholar Kenneth Jost offers his take on the Supreme Court’s recent decision in Bank of America v. Miami, noting that the city of Miami can now try to use the Fair Housing Act “to try to recover damages from BofA and Wells Fargo for financial losses…

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May 6, 2017

Warren Buffett Highly Critical of Wells Fargo’s Approach to Accounts Scandal

Bank Investigations

Buffet says the banking giant was “totally wrong” in failing to act quickly to fix rampant abuses Wells Fargo’s largest stakeholder, Warren Buffet, has told investors at the annual meeting of his Berhskire Hathaway conglomerate that Wells mishandled its colossal fraudulent accounts scandal by failing to act quickly to stop the widespread abuses that significantly…

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May 1, 2017

Supreme Court Clears The Way For LA and Other Cities to Sue Big Banks Over Foreclosure Crisis

United States Supreme Court Building

On Monday May 1, 2017, the U.S. Supreme Court solidified the reach of federal housing law by ruling that cities can sue major banks for discriminatory lending practices that caused enormous and pervasive harm to low-income neighborhoods during the 2008 recession. As noted by the Los Angeles Times, the decision “gives city leaders a potentially powerful…

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