U.S. Department of Justice: Wells Fargo settles allegations of fair lending violations for $175 million
( July 12, 2012, 15:41 GMT | Official Statement) -- MLex Summary: Wells Fargo agreed to pay $175 million to settle U.S. Department of Justice allegations that the bank charged African-American and Hispanic borrowers higher interest rates or fees. The fair lending settlement, which includes $125 million in compensation for wholesale borrowers and $50 million in direct down payment assistance to borrowers, is the department's second-biggest in history.Statement follows in full:...
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