Wells Fargo & Co on Friday won the dismissal of a lawsuit by Los Angeles that accused the largest U.S. mortgage lender of violating the federal Fair Housing Act by engaging in predatory lending practices.
U.S. District Judge Otis Wright said the “undisputed facts” show that Wells Fargo did not violate the FHA during the two-year statute of limitations period.
Los Angeles accused Wells Fargo in its December 2013 lawsuit of having engaged in discriminatory lending since at least 2004 by targeting minority borrowers with high-cost loans they could not afford, resulting in a disproportionately large number of foreclosures.
Wells Fargo is based in San Francisco, and is also the fourth-largest U.S. bank by assets. (Reporting by Jonathan Stempel in New York; Editing by Chris Reese)