NAACP Drops Racial-Bias Suit vs. Wells Fargo

April 9, 2010  |  

(bizjournals.com) — The National Association for the Advancement of Colored People has dropped a lawsuit that accused Wells Fargo & Co. of steering African-American homeowners into subprime mortgages.

The NAACP sued Wells Fargo and more than a dozen other banks last year, saying the banks engaged in “systematic, institutionalized racism” when they steered homeowners of color into mortgages with higher interest rates than those of other borrowers who had similar credit histories.

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