A federal judge said a complaint filed by three Georgia counties in 2021 had to be dismissed because the Fair Housing Act only reaches back two years and the suit didn’t include enough specifics about alleged misconduct by the bank during that time period.
https://www.bloomberg.com/news/articles/2022-03-28/wells-fargo-ducks-pre-2008-mortgage-discrimination-suit-for-now?srnd=realestate
I'm not defending shady stuff done by people in the company. And I phrased it that way on purpose b/c AFAIK it isn't our policy to discriminate against minorities -- if anything it might be specific people acting that way.
But if the plaintiffs don't have details how can anything be proven. And going back to pre 2008? Come on. Why not bring the suit much earlier?
Not intending to be racist, but I can see that in some circumstances and certain areas you'd get a higher number of people with lower credit ratings and subject to bigger impacts if something happens to their income. This is more economic and systemic than it is racial since some minorities have higher incidence of these attributes. If you're a black or hispanic person making six figures, you're more likely to have better credit than the person who is barely making ends meet at $50k. The question I guess is really about if those decisions were consistently made on creditworthiness or if bias crept in (and yeah, I get that can and does happen)
I don't think I would call "not giving specifics about alleged misconduct" a "technicality".
This is an environment that WF is very well suited for. Like a python in a Florida swamp.
People sue on technicalities most of the time too. It goes both ways. The only people that win all the time are lawyers
How sad is it that this is the only effective strategy for Wells?