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VOL. 126 | NO. 87 | Wednesday, May 4, 2011

Judge Denies Motion to Dismiss City-County Suit Against Wells Fargo

By Andy Meek

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U.S. District Court Judge S. Thomas Anderson has denied a motion by Wells Fargo to dismiss the mortgage discrimination lawsuit filed against the lender in late 2009 by Memphis and Shelby County.

In a 32-page decision issued Wednesday, Anderson said the city and county have “pled sufficient facts to establish standing to pursue claims for violations of the Fair Housing Act and the Tennessee Consumer Protection Act.

“Additionally, plaintiffs have adequately pled their claim that Wells Fargo’s lending practices had a disparate impact on African-Americans in Memphis and Shelby County in violation of the FHA.”

The city-county suit alleges black borrowers were steered toward high-cost loans by Wells.

RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 101 603 9,602
MORTGAGES 92 538 10,616
FORECLOSURE NOTICES 3 40 1,289
BUILDING PERMITS 215 1,282 20,958
BANKRUPTCIES 51 408 6,108
BUSINESS LICENSES 20 154 3,939
UTILITY CONNECTIONS 31 124 2,892
MARRIAGE LICENSES 21 111 2,021