U.S. Tidal-Wave of Litigation Begins
On the same day that it was reported that the city of Memphis was suing Wells Fargo for its unethical mortgage practices, I came across a separate article from the New York Times which shows that a tidal wave of litigation has struck the U.S. legal system – with many, serious ripples from this tidal wave guaranteed to impact the U.S. economy and U.S. society for years to come.
Memphis and Shelby County have alleged in their statement of claim that Wells Fargo and its agents engaged in predatory and discriminatory practices in its mortgage business with ethnic minorities. This suit is far from unique. Other U.S. cities, such as Baltimore and Cleveland have launched similar suits – alleging that U.S. banksters preyed upon the unsophisticated borrowers among ethnic minorities with especially unfair and misleading terms, as part of their enormous mortgage-scam.
