LA sues Citi, Wells Fargo over discriminatory mortgage lending

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LA sues Citi, Wells Fargo over discriminatory mortgage lending

LA sues Citi, Wells Fargo over discriminatory mortgage lending

Reuters-

The city of Los Angeles has filed a lawsuit against Citigroup (C.N) and Wells Fargo (WFC.N), seeking damages for a loss in tax revenue due to discriminatory mortgage lending to the city’s minority communities, a court filing showed.

In complaints filed in the U.S. Federal Court, LA City attorney Mike Feuer said that Citigroup and Wells Fargo “engaged in a continuous pattern and practice of mortgage discrimination in Los Angeles since at least 2004 by imposing different terms or conditions on a discriminatory and legally prohibited basis.”

Spokeswomen for Citigroup and Wells Fargo told Reuters that the lawsuit is without merit.

[REUTERS]

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