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Baltimore's suit against Wells Fargo can proceed
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BALTIMORE - A federal judge has ruled Baltimore may proceed with a lawsuit against Wells Fargo for what the city says were racially biased predatory lending practices.
U.S. District Judge Benson Legg rejected Wells Fargo's motion to dismiss the suit on Thursday. In a memo, he wrote that Baltimore was "entitled to discovery."
Baltimore alleges that the San Francisco-based bank targeted black borrowers for subprime loans, and that resulting foreclosures cost the city tens of millions of dollars in lost property revenue and police, fire and rehab expenses.
Wells Fargo & Co. representatives have said the lawsuit lacks merit.
A hearing is set for July 20.
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