Wells Fargo Pledges $100 Million to End Investors’ Bias Suit (1)

Wells Fargo & Co. board members agreed to spend $100 million on mortgage assistance for low- and moderate-income borrowers to settle a shareholder lawsuit alleging the bank used discriminatory hiring and lending practices.

Wells Fargo consented to fund the mortgage assistance programs for these borrowers “or borrowers currently residing in or purchasing property in low- and moderate-income census tracts” for at least three years, the investors said in their motion Monday seeking preliminary approval of the deal from the US District Court for the Northern District of California. The proposed agreement—between the shareholders leading the case, Wells Fargo, and ...