Wells Fargo
Lawsuits against Wells Fargo
2012 Class Action Lawsuit
In 2012 the United States department of justice reached a 184.2 million dollar settlement agreement with Wells Fargo over their discriminatory mortgage lending practices to African-American and Hispanic borrowers. At the time it was the second largest settlement of its nature. [1] In regards to the court case the justice department stated:
"The settlement, which is subject to court approval, was filed today in the U.S. District Court for the District of Columbia in conjunction with the department’s complaint, which alleges that between 2004 and 2008, Wells Fargo discriminated by steering approximately 4,000 African-American and Hispanic wholesale borrowers, as well as additional retail borrowers, into subprime mortgages when non-Hispanic white borrowers with similar credit profiles received prime loans. All the borrowers who were allegedly discriminated against were qualified for Wells Fargo mortgage loans according to Well Fargo’s own underwriting criteria.":
401K Lawsuit
Between 2013-2018, the United States department of labor found, Wells Fargo employees had overpaid for the companies stock in their retirement plans. Wells Fargo agreed to pay out 131.8 million dollars directly to individuals affected by the overpriced stock and was also made to pay an additional 13.2 million dollars in penalties. [2] [3]
Connections to Police Organizations
Sources
- ↑ https://www.justice.gov/opa/pr/justice-department-reaches-settlement-wells-fargo-resulting-more-175-million-relief
- ↑ https://www.forbes.com/sites/dereksaul/2022/09/12/wells-fargo-shells-out-145-million-to-end-feds-401k-investigation/?sh=565f623c4724
- ↑ https://www.dol.gov/newsroom/releases/ebsa/ebsa20220912