June 18, 2018 / 8:50 PM / a month ago

Wells Fargo must face Oakland's discrimination lawsuit-ruling

The city of Oakland, California, can proceed with its 2015 lawsuit accusing Wells Fargo of targeting minorities for high-cost mortgages that ended in foreclosure, abandoned properties and neighborhood blight, a federal judge in San Francisco has ruled.

In a decision on Friday, U.S. District Judge Edward Chen said Oakland adequately alleged “a provable and quantifiable” link between the bank’s lending practices and foreclosures that drove down property values and lowered tax revenues.

To read the full story on WestlawNext Practitioner Insights, click here: bit.ly/2t7tAce

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