by Long Island Attorney Paul A. Lauto, Esq.
Wells Fargo Bank allegedly discriminated against minority borrowers in violation of the fair lending laws from 2004 to 2009. The claimed result was approximately 34,000 borrowers paying higher interest rates on loans based on the color of their skin.
The Justice Department announced that Wells Fargo has agreed to settle the matter for approximately 175 million dollars. A total of 125 million will be paid in compensation to the alleged discriminated borrowers. In addition, 25 million will be paid as down payment aid to borrowers in areas claimed to have been heavily discriminated against, such as New York City. This settlement is the second largest of its kind on record.
Long Island Lawyer
Paul A. Lauto, Esq.
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