Banking
Mar. 25, 2011
Bank Liable in Predatory Lending Case
A jury found Wells Fargo bank liable of racially discriminatory mortgage lending in 880 instances in a class action case, and ordered the bank to pay $3.5 million in penalties.
Daily Journal Staff Writer
LOS ANGELES - After more than three weeks of deliberation, a jury found Wells Fargo & Co. engaged in racially discriminatory mortgage lending in 880 instances in a class-action case, and ordered the bank to pay $3.5 million in penalties.
The verdict, delivered Wednesday in Los Angeles County Superior Court, fell short of the 7,000 cases of discrimination and $29 million in damages plaintiffs' so...
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