Wells Fargo Must Face Ongoing Philadelphia Loan Bias Suit

Wells Fargo will have to keep fighting Philadelphia’s allegations of lending bias, a federal judge said Jan. 16.

The ruling by Judge Anita B. Brody of the U.S. District Court for the Eastern District of Pennsylvania allows Philadelphia to press claims that Wells Fargo violated the Fair Housing Act, allegedly by targeting black and Latino residents for higher-cost loans.

It’s one of several such cases now ongoing against Wells Fargo, Bank of America, and other banks. Those suits allege that lending practices triggered foreclosures that brought about wider economic harm such as lower tax revenues and higher municipal costs.

Wells ...