Jury Hits Wells Fargo With $3.5 Million Lending Discrimination Class Action Verdict

Mar 23, 2011. According to recent news reports, "After a three-month trial, a Los Angeles Superior Court jury returned a $3,520,000 lending discrimination verdict today against Wells Fargo Bank. (Opal Jones, et. al v. Wells Fargo Bank, N.A., Wells Fargo Home Mortgage, et. al Los Angeles Superior Court, Case No. BC337821)

The class action lawsuit alleged the bank consistently and knowingly discriminated against borrowers in minority neighborhoods, resulting in these borrowers paying more for their loans than borrowers in non-minority areas of Los Angeles County. The jury found that the race, color, ancestry and/or national origin of the plaintiffs and the class they represent was a 'motivating reason' for Wells Fargo’s conduct."

$136 million in new contract opportunities for women and minority firms.

Section 342 of the recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act contains a provision creating an Office of Minority and Women Inclusion (OMWI) at various agencies to monitor the diversity efforts of the agencies, the regulated entities and agency contractors. We estimate potential new contract opportunities for women and minority firms at $136 million. In response to demand, we are hosting a Webinar on Dodd/Frank Act Section 342.

The session will be held on Wednesday March 30, 2011 at 2pm (EST) and will cost $199.00. Our Section 342 Webinar will review all relevant information, including Office of Minority and Women Inclusion (OMWI) office addresses and contact data.

To register for the Webinar, please click here.