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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 91 135 781
MORTGAGES 110 170 916
FORECLOSURE NOTICES 30 43 178
BUILDING PERMITS 133 290 1,948
BANKRUPTCIES 58 105 507
BUSINESS LICENSES 37 88 388
UTILITY CONNECTIONS 22 55 235
MARRIAGE LICENSES 12 24 105