City of Los Angeles Files State Court Cases Against Four Banks

LOS ANGELES (CN) – City of Los Angeles on Friday filed predatory lending clams against four major banks in state court.
Los Angeles City Attorney Mike Feuer last year sued Bank of America, JPMorgan Chase, Wells Fargo and Citigroup. http://www.courthousenews.com/2013/12/09/63550.htm His federal lawsuit claimed that predatory lending in poor, minority communities reduced city property tax revenue and left taxpayers on the hook for maintenance of foreclosed homes. Estimated damages to the city totaled $1 billion, the filings claimed.

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