BUSINESS

Wells Fargo May Face Claims Over Fair Lending Laws

05/08/2012 09:30 am ET | Updated Jul 08, 2012

May 8 (Reuters) - The U.S. Department of Justice believes it has grounds to bring claims against Wells Fargo & Co for monetary damages and civil penalties under fair lending laws, the bank said in a securities filing on Tuesday.

The fourth-largest U.S. bank said it believes such claims should not be brought and it is seeking to show the department that it is in compliance with fair lending laws, the filing said.

San Francisco-based Wells Fargo is the largest servicer and originator of home loans in the United States.

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