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SAN FRANCISCO, Calif. –– Nationally renowned civil rights and personal injury attorney Ben Crump, co-counsel Linda Friedman and Suzanne Bish of Stowell & Friedman, plaintiffs, and class members in the ongoing litigation against Wells Fargo today issued a demand for the banking giant to allot a portion of its announced $2 billion in settlement funds to the many victims alleging racial discrimination in lending and other banking practices, who are disproportionately Black.
Attorneys filed a class action lawsuit against Wells Fargo on behalf of victims of racial redlining and lending discrimination on Feb. 17, 2022, in the Northern District of California, Williams et al v. Wells Fargo, Case No. 3:22-cv-00990, amended on April 14.
Wells Fargo recently announced that it has set aside $2 billion to settle legal disputes as part of third-quarter reporting. The class action suit filed by Crump and Stowell & Friedman document a pattern of racial discrimination in every step of lending process that has profoundly impacted the financial security and wellbeing of Black customers.
“Homeownership is one of the most basic building blocks to creating family stability and generational wealth and achieving the American Dream,” Crump said. “Wells Fargo has repeatedly and systematically created obstacles for Black people to enjoy that fundamental benefit and has put that dream beyond their reach. Wells Fargo has every opportunity now to make these victims whole and fix its business practices to ensure that people who bank with them have an equal opportunity for home ownership regardless of the color of their skin.”
According to the lawsuit, Wells Fargo discriminates against Black/African American customers throughout the mortgage lending process, including redlining or denying loans to Black/African American customers, especially based on living in predominantly Black/African American communities; reverse redlining or approving loans to Black customers on predatory terms including higher interest rates, costs and fees; exclusion from refinancing; and predatory servicing – taking homes away from Black borrowers through predatory servicing and foreclosure practices.
“Wells Fargo’s record of discrimination against African Americans warrants immediate action on the company’s part,” said Bish. “The time is now to rectify the financial turmoil this powerhouse company has caused to so many Black families and, from there, to make a fresh start by embracing non-discriminatory lending practices. A settlement now would send the signal that Wells Fargo is committed to make this right and is open for business to all.”
A copy of the complaint is available here: https://bencrump.com/press/wells-fargos-discriminatory-mortgage-practices-are-killing-black-opportunity-and-preventing-black-families/
ABOUT BEN CRUMP LAW
Through his work, nationally renowned civil rights and personal injury attorney Ben Crump has spearheaded a legal movement to better protect the rights of marginalized citizens. He has led landscape-changing civil rights cases and represented clients in a wide range of areas including civil rights, personal injury, labor and employment, class actions, and more. Ben Crump Law is dedicated to holding the powerful accountable. For more information, visit www.bencrump.com.
ABOUT STOWELL & FRIEDMAN
Stowell & Friedman, Ltd. is a civil rights law firm that has recovered over a billion dollars for employees who suffered race and sex discrimination and fought for reform in the financial services industry.
