NAACP dropping lawsuit against Wells Fargo
by Associated Press
Published: April 9,2010
NEW YORK — The NAACP is ending its lawsuit against Wells Fargo that alleged the bank was forcing blacks into subprime mortgages while whites with identical qualifications got lower rates.
The lawsuit, filed over a year ago, is among more than a dozen the National Association for the Advancement of Colored People has filed since 2007 against large financial institutions.
As part of an agreement, San Francisco-based Wells Fargo will allow the NAACP to review its lending practices. The NAACP did not seek monetary damages in its suit, but said it sought to change behavior in the mortgage-lending industry.
The NAACP remains in litigation with 14 other financial institutions, including JPMorgan Chase & Co., Citibank Inc. and HSBC Holdings PLC over allegations of unfair lending practices and lending discrimination.
To sign up for Mississippi Business Daily Updates, click here.
3 Responses to “NAACP dropping lawsuit against Wells Fargo”
Twang & Tourism: The Country Music Trail
Still planning that summer vacation?
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Study: Mississippi has highest sales tax rate in U.S.
- Family launches Billups Coffee with headquarters in Oxford
- Chris McDaniel responds to radio show audio clip
- Running luxury car dealerships, like Mercedes of Jackson, comes naturally to Trudy Higginbotham Moody
- ‘Just the beginning’ — Venture Technologies merging, acquiring companies
- Mississippi State makes NSF ranking of research universities
- Chaney drops lawsuit against National Flood Insurance Program
- Hood joins other AGs in efforts to curb copper theft
- Entergy gives $500K grant to The Nature Conservancy
- Sawtimber, pulpwood markets improving, but challenges remain