Los Angeles sues Bank of America for discriminatory lending practices

Adds the bank to a similar suit filed against Wells Fargo and Citigroup

On Dec. 6, Bank of America was added to a lawsuit filed by the city of Los Angeles, which seeks damages from banks that allegedly participated in discriminatory lending practices. Similar charges were filed against Wells Fargo & Co. and Citigroup Inc. late last week.

The filing charges the banks with predatory lending tactics that "led to a wave of foreclosures that continues to diminish the City's property-tax revenues and increase the need for, and the costs of, City services," according to a city attorney's office statement announcing the new lawsuit.

Executive Editor

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Chris DiMarco

Chris DiMarco, Executive Editor of InsideCounsel magazine, has a background in multimedia production with previous involvement in projects in which he developed and created content...

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