The settlement announced by the Justice Department Thursday involves at least 34,000 [black and Hispanic] borrowers who were charged higher fees or were steered into risky subprime mortgages when they could have qualified for a prime mortgage, ones offered to borrowers with the best credit. In settling, Wells Fargo said it "not only denies that it discriminated unlawfully, but affirmatively asserts that it has treated all of its customers without regard to race or national origin," according to the consent order. The company is entering the settlement "solely for the purpose of avoiding contested litigation with the Department of Justice," the order said. [WSJ]
Citi Would Like To Make It Clear It Did Not Pay Debrahlee Lorenzana A Dime
Remember Debrahlee Lorenzana? For those with short memories, two years ago, Lorenzana sued Citibank for firing her for allegedly being "too hot," a claim representatives of the bank denied several times, while also calling her an attention whore. After the initial hoopla, interest in Lorenzana, who once appeared on a TV show discussing her reasons for having her breasts enlarged (she wanted to look like "tits on a stick" in order to attract a "professional, well-educated man) died down and many likely forgot about the story of T's on an S versus Citi. In a Daily News article today, though, Debs said that she passed on a settlement wanting instead to "press on." While it's not clear that anyone reading the piece took it to mean Lorenzana had in fact received damages for her hotness, Citi, which long ago had it with this chick, was not having it. Lest there be any confusion about whether or not she extracted jack from Vikram et al, the bank has gone on record to say: "The case is concluded, and Citibank did not enter into any kind of a settlement with Ms. Lorenzana or provide any payment to her."
SAC Granted Permission To Put One Allegation Of Insider Trading Behind It
A judge ruled today that SAC can proceed with a $14 million settlement with the SEC, while Steve Cohen will have to wait a bit longer to find out if he's allowed to put up over half a billion to settle another one.
Fitch: Wells Fargo Should've Pulled A Goldman And Screwed People Over In An Esoteric Fashion
Remember this for next time.
Wells Fargo Disagrees With Racketeering Lawsuit, Won't Fight It Because...Y'Know
The bank's got a few other issues to deal with.
Ex-Wells Fargo Employee Who Defended Right Of All To Tell A Colleague “Many props bro – it’s all good in the hood biatchhhhh” Is Back, Baby!
All is once again good in Gregory Bolan's hood.