Wells Fargo & Co Spending $432 Million To End Lending Suit-Reuters

Reuters reported that Wells Fargo & Co as promised $432.5 million in lending and other payments to end a lawsuit accusing the bank of discriminatory lending practices in Memphis, Tennessee. Memphis and Shelby County filed a lawsuit in 2010 against Wells Fargo, accusing the bank of targeting of African-American neighborhoods for predatory loans. The suit alleged the practice, which dated to 2000, resulted in excessive foreclosures in those neighborhoods. Wells Fargo has denied the allegations, citing its longstanding commitment to fair and responsible lending. The city of Baltimore has filed a similar suit against Wells.