NAACP Dismisses Wells Fargo Suit

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April 15, 2010

The NAACP has dropped its racial discrimination charge against Wells Fargo

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“Wells Fargo and the NAACP have agreed to work constructively on ways to improve fair credit access, sustainable home ownership and financial literacy for communities of color and other historically disadvantaged communities,” Wells Fargo and the NAACP said in a joint press release.

The NAACP said that Wells Fargo (WFC, Fortune 500) is just one of 14 financial institutions that it has sued since 2007 over allegations that these companies violated the Fair Housing and Equal Credit Opportunity acts. The other firms include JPMorgan Chase (JPM, Fortune 500), Citibank (C, Fortune 500) and HSBC.

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The lawsuits, filed in U.S. District Court in central California, accused the financial firms of giving subprime rates — meaning higher interest rates — to African-Americans who qualified for better rates.

SOURCE: CNN

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