Reuters logo
Miami lawsuits vs BofA, Citigroup, Wells Fargo are revived
September 1, 2015 / 6:37 PM / 2 years ago

Miami lawsuits vs BofA, Citigroup, Wells Fargo are revived

Sept 1 (Reuters) - A federal appeals court on Tuesday revived three lawsuits in which the City of Miami accused Bank of America Corp, Citigroup Inc and Wells Fargo & Co of violating the federal Fair Housing Act by engaging in predatory lending.

The 11th U.S. Circuit Court of Appeals said a lower court judge applied too stringent a standard in dismissing the city’s claims.

Miami accused the banks of having for a decade steered black and Hispanic borrowers into higher-cost mortgage loans, resulting in higher foreclosures, lower property tax collections, and increased spending to combat urban blight.

Reporting by Jonathan Stempel in New York; Editing by Bernard Orr

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below