Wells Fargo Asks 9th Circuit To Rehear Ruling In Discriminatory Lending Case

Mealey's (October 13, 2020, 1:04 PM EDT) -- SAN FRANCISCO — Wells Fargo & Co. and Wells Fargo Bank N.A. petitioned the Ninth Circuit U.S. Court of Appeals on Oct. 9 seeking a rehearing of its argument that a federal judge in California erred when finding that the city of Oakland sufficiently alleged proximate causation in a lawsuit claiming that the lender’s discriminatory lending practices caused it to sustain damages in the form of reduced property tax revenue as a result of foreclosures, arguing that the ruling conflicts with the U.S. Supreme Court’s decision in Bank of America Corp. v. Miami....