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DISCRIMINATION Wells Fargo to Pay $175M Settlement Justin Sullivan / Getty Images

Wells Fargo to Pay $175M Settlement

Wells Fargo has agreed to pay a $175 million settlement for allegedly discriminating against African-Americans and Hispanics, the Department of Justice announced Thursday. The bank was accused of violating fair-lending laws by pushing minority borrowers to subprime mortgage loans and charging them higher rates than white borrowers because of their race. More than 34,000 people were affected by these practices, according to Justice Department officials. Wells Fargo denies any wrongdoing and released a statement saying the bank settled solely to avoid litigation.

July 12, 2012 6:42 PM