Wells Fargo will pay $42 million to settle a housing discrimination suit arising from its alleged failure to maintain foreclosed properties in predominantly minority areas. The suit by the National Fair Housing Alliance claimed that Wells Fargo's so-called "real estate owned" properties in white areas were much better maintained and marketed than the properties in African-American and Latino neighborhoods, where the hourses often had ill-kept yards, broken doors, peeling paint or boarded-up windows. The settlement money will be paid to community organizations mainly in the Washington, DC area and in other cities and will cover attorney's fees and related costs. The housing alliance was represented by Joseph Sellers and Peter Romer-Friedman of Cohen Milstein Sellers & Toll.
Source: Legal Times
