May 3, 2019 / 10:05 PM / 21 days ago

Miami can sue Wells Fargo, Bank of America for lost taxes-11th Circuit

A federal appeals court has upheld a large part of two mortgage discrimination lawsuits by the City of Miami against Wells Fargo and Bank of America, allowing the city to pursue claims for lost property tax revenue the banks’ lending practices allegedly caused.

In a decision on Friday, a unanimous three-judge panel of the 11th U.S. Circuit Court of Appeals said Miami has made a plausible case that discriminatory loans issued to minorities led to foreclosures that hurt the city’s property values and tax revenues.

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