December 17, 2019 / 1:42 PM / a month ago

Wells Fargo to pay Philadelphia $10 mln for predatory lending suit

Wells Fargo & Co on Monday said it will pay Philadelphia $10 million to settle a lawsuit that accused the U.S. mortgage lender of targeting that city’s black and Hispanic residents for predatory loans.

The San Francisco-based company denied the allegations against it on Monday in a joint statement with Philadelphia. Its regional bank president Joe Kirk said in the statement that Wells Fargo was “pleased that we’ve been able to resolve this matter in a way that will provide real, tangible sustainable homeownership opportunities.”

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