Wells Fargo Settles Discriminatory Lending Suit, Pays Tennessee Towns Memphis, Shelby $432 Million

Wells Fargo & Co has 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.

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