Wells Fargo pays $175 million in bias case

  • Article by: JENNIFER BJORHUS , Star Tribune
  • Updated: July 13, 2012 - 9:12 AM

The bank was accused of handling loans that pushed minorities into more expensive mortgages.

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mnnice33Jul. 12, 1211:58 AM

Unfortunately the lawyers who pursued this case are going to most likely benefit the most. Who knows if Wells Fargo did or did not discriminate. The reality of these types of lawsuits are that the company will spend more of it's shareholders profits fighting the case than it is worth. The best economic decision is to settle.

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inakmanJul. 12, 1212:01 PM

it was $125 million. Please get the story straight.

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natro220Jul. 12, 1212:08 PM

@inakman - USA Today, Associated Press, and several others are reporting $175M. Get YOUR story straight.

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jimjimjimjimJul. 12, 1212:23 PM

And people wonder why bank fees are so high...

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mouthwashJul. 12, 1212:24 PM

Most readers knew even before opening the article that the big corporation denied the actual allegations, instead opting for a "money talks" payout.

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oinkerdewJul. 12, 1212:41 PM

They should also be sued for giving loans to criminal illegal aliens. But nobody talking about that....

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buthead2Jul. 12, 1212:44 PM

Another legal mugging by AG Holder et al. It strains credulity that Wells Fargo can be accused of bias in lending for loans they did not originate.

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skifastliveJul. 12, 12 1:06 PM

No one even notices when the federal administration openly allows Freddie Mac and Fannie Mae to discriminate against owners of condominium-hotel homes. Watch our property values plummet.

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nemo1107Jul. 12, 12 1:11 PM

@buthead2 They may not have originated the loans, but it is Wells Fargo's name on these loans, and they are ultimately responsible for the people who they do business with and their actions as well. Guilty by association. This situation has a big impact though. This will completely get rid of Wells Fargo's wholesale division, which employs several thousand people. This decision affects an enormous amount of people, and it's a really tough dilemma for all involved.

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larrymickJul. 12, 12 2:03 PM

inakman, natro220 - $125M in compensation and $50M in down payment assistance. So, both could are right.

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