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Memphis, Shelby County sue Wells Fargo

Memphis, Shelby County sue Wells Fargo

Posted: Monday, January 4, 2010 10:23 am
By: The Associated Press

The Messenger 01.04.10
MEMPHIS (AP) — Memphis city and Shelby County officials have filed a federal civil lawsuit against Wells Fargo Bank alleging discriminatory mortgage lending practices.
The lawsuit, filed Wednesday in U.S. District Court in Memphis, alleges the lender targeted minority communities for predatory practices that resulted in a higher number of foreclosures in those areas.
The governments claim that the foreclosures caused extreme blighting, vacancies, reduced property values and lower tax revenues. The lawsuit asks for compensation to be determined by a jury.
An e-mail request seeking comment from Wells Fargo was not immediately returned Wednesday.

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