Wells Fargo will pay more than $100 million dollars to settle a lawsuit over the bank’s hiring and lending practices.
The United States District Court in the Northern District of California says Wells Fargo has reached a $110 million settlement with plaintiffs who alleged the trillion-dollar lender’s hiring and lending practices were discriminatory.
As part of the settlement, Wells Fargo will create a $100 million mortgage lending program targeting low and moderate-income borrowers to expand access to financial services equitably.
“For many individuals and communities historically excluded from traditional lending pathways, this program signals a shift toward more inclusive underwriting practices and a deeper recognition of systemic barriers.
By reassessing conventional credit evaluation models and incorporating more holistic criteria, this initiative has the potential to unlock opportunities for applicants who have previously been overlooked or unfairly categorized as high-risk. This approach not only broadens access to capital but also fosters long-term financial stability and community growth.”
According to the settlement agreement, the lending program, which aims to create a “more inclusive housing system,” will be operational for at least three years.
Additionally, Wells Fargo’s directors and officers’ liability insurance will pay $10 million to settle allegations that the top echelons of the lender breached their duties with regard to the hiring and lending policies of the bank.
The lawsuit emerged from four related cases that were consolidated in April of 2024. The settlement was initially reached in September of 2025 and was given preliminary approval in January.
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