Supreme Court to consider Miami’s predatory lending suit against Bank of America, Wells Fargo

The U.S. Supreme Court announced Tuesday that it will hear arguments during its next term on whether the city of Miami can sue Bank of America and Wells Fargo for alleged predatory lending.

According to Reuters and ScotusBlog, the Supreme Court granted a writ of certiorari to the banks, meaning it will consider the city’s lawsuits against Bank of America and Wells Fargo during its next term, which begins in October and ends in June 2017.

The Supreme Court will not rule on the merits of the lawsuits, but rather whether the city of Miami is allowed to bring the lawsuits, which accuse the megabanks of engaging in long-term mortgage lending discrimination in the city.

Read on.

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