Wells Fargo & Co. defended the board of directors’ oversight systems amid racial discrimination scandals involving the bank’s mortgage lending and employee hiring practices at a hearing before a San Francisco federal judge.
The bank, facing a lawsuit from shareholders over the two scandals, argued Tuesday that the plaintiffs didn’t show that the board “utterly failed” to implement systems to monitor racial disparities in mortgage lending and hiring, which is the standard under Delaware law, where the bank is incorporated.
The shareholders sued the bank in 2022 in the US District Court for the Northern District of California, arguing the ...
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