May 15 The City of Philadelphia on Monday sued
Wells Fargo & Co, accusing the largest U.S. mortgage
lender of intentionally steering minority borrowers into
higher-cost home loans than it offered white borrowers.
In a complaint filed in Philadelphia federal court,
Philadelphia faulted Wells Fargo's "long history" of "redlining"
in Philadelphia, and said the bank's practices reflected a
"total breakdown of appropriate internal controls" similar to
its recent creation over unauthorized customer accounts.
The lawsuit accused Wells Fargo of violating the federal
Fair Housing Act, and seeks a variety of damages. Wells Fargo
was not immediately available for comment.
(Reporting by Jonathan Stempel in New York)