Memphis Updates Suit Against Wells Fargo

Memphis Mayor A C Wharton released an amendment to the complaint against Wells Fargo. The suit accuses Wells Fargo with deceptive business practices, predatory lending, and a deliberate attempt to add unnecessary expenses to the loans.

Most of this information was found through the testimony of four former employees.

The amended complaint also lists the individual properties that were effected causing harm to the City and County, as well as the consumers under the Tennessee Consumer Protection act.

I’ll let the Mayor wrap it up from here…

This new evidence confirms everything we feared about what Wells Fargo has done to our city. We are more determined than ever to see that these deceptive and unscrupulous lending practices that have damaged our families and neighborhoods are addressed. All who have a stake in ensuring our city and county survive the current foreclosure crisis, including our state government and federal regulators, have an obligation to rally around this lawsuit and see to it that Wells Fargo does the right thing.

The City of Memphis and Shelby County Government are represented by Washington-based law firm Relman, Dane & Colfax PLLC and Memphis based firm Brewer & Barlow PLC.

Also See:
Amos Maki at the CA

Leave a Reply

Your email address will not be published. Required fields are marked *