NAACP To Drop Suit Against Wells Fargo Alleging Institutionalized, Systemic Racism In Its Subprime Mortgage Lending Practices

The Wall Street Journal reports:

• The National Association for the Advancement of Colored People agreed to drop a predatory-lending lawsuit against Wells Fargo & Co. in exchange for access to loan data. The pact, set to be announced on Thursday, marks a more conciliatory approach from the fourth-largest U.S. bank in assets as it works to eliminate legal headaches resulting from the housing bust.

• Filed in March 2009, the federal-court lawsuit accused Wells Fargo of "institutionalized, systemic racism" in its subprime-mortgage lending, saying the San Francisco bank "steered" African-Americans toward "less favorable loans" in the run-up to the recent financial crisis.

For more, see NAACP Will Drop Lawsuit Against Wells Fargo (requires paid subscription; if no subscription, try here, then click link for the story).