Wells Fargo, BofA Seek Court Edge for Miami's Loan Bias Claims

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Wells Fargo, BofA Seek Court Edge for Miami’s Loan Bias Claims

Wells Fargo, BofA Seek Court Edge for Miami’s Loan Bias Claims

BLOOMBERG-

Bank of America and Wells Fargo Oct. 26 asked a federal appeals court to send Miami’s lending bias claims back to a trial court that ruled in favor of both banks in 2014.

In separate but related lawsuits, Miami sued Bank of America and Wells Fargo under the Fair Housing Act, alleging lending discrimination that Miami says is to blame for a host of economic woes, including lower tax revenues and higher property-related city expenditures ( Miami v. Bank of Am. Corp. , 11th Cir., 14-cv-14543, motion for remand 10/26/17 ; Miami v. Wells Fargo Bank & Co. , 11th Cir., 14-cv-14544, motion for remand 10/26/17 ).

A federal district court rejected Miami’s suits at an early stage, saying the suit didn’t meet pleading requirements, but the U.S. Court of Appeals for the Eleventh Circuit reinstated both actions in 2015. Wells Fargo and Bank of America appealed to the U.S. Supreme Court, which in May said cities may file such suits but must allege a causal connection between the claims of bias and the injuries they assert.

[BLOOMBERG BNA]

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