Bloomberg Law
Oct. 7, 2020, 8:33 PM

JPMorgan, Wells Fargo Blamed for Flint Water Crisis in Lawsuit

Alex Ebert
Alex Ebert
Staff Correspondent

JPMorgan Chase & Co., Wells Fargo, and Stifel Financial Corp. are allegedly responsible for the Flint water crisis because they underwrote the city’s bonds while knowing local officials would use polluted water from the Flint River, 2,000 residents claim in a federal lawsuit filed Wednesday.

The complaint alleges that Chase, Wells Fargo, and Stifel had knowledge that the city needed to upgrade its facilities if local officials wanted to save money, by switching from Detroit-area water to another regional water source. Thus, the companies allegedly knew the city would use the Flint River in 2014 as a interim water source. ...

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