PHILADELPHIA (KRON) — The City of Philadelphia has filed a federal lawsuit against San Francisco-based Wells Fargo bank.
The lawsuit claims Wells Fargo discriminated against African-Americans and Latinos for more than 12 years by intentionally driving them into higher-cost mortgages.
It also claims those lending practices caused foreclosures to increase and resulted in the loss of vital tax revenue for the city.
This isn’t the first time the bank has been accused of discriminatory lending practices.
In 2012, Wells Fargo agreed to pay $175 million to settle charges over similar practices during the housing boom.
Wells Fargo has promised to vigorously defend its record as “a fair and responsible lender.”
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