Basic Search  |  Summaries  |  Advanced Search

Violation Tracker Individual Record

Company: Wells Fargo Bank, N.A.
Current Parent CompanyWells Fargo
Parent at the Time of the Penalty Announcement subscribe to see this data field
Penalty: $7,500,000
Year: 2012
Date: May 29, 2012
Offense Group: consumer-protection-related offenses
Primary Offense: discriminatory practices (non-employment)
Violation Description: Wells Fargo resolved a lawsuit in which the City of Memphis accused the bank of harming minority neighborhoods through discriminatory mortgage lending practices. The terms of the settlement are not part of the court record, but according to news reports Wells Fargo agreed to pay $3 million to the city for economic development projects and provide $4.5 million in grants for mortgage downpayments and renovations.
Level of Government: federal
Action Type: private litigation
Court: Western District of Tennessee
Civil or Criminal Case: civil
Case ID: 2:09-cv-02857
Case Name: City of Memphis v. Wells Fargo Bank, N.A.
Private Lawsuit Resolution Type: settlement
HQ Country of Current Parent: USA
HQ State of Current Parent: California
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data(click here)
Link to PACER Case Docket (must be logged in)(click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.