Karl Heideck’s Explanation of the Wells Fargo Lawsuit
If you want to learn more about the current state of legal affairs, it pays to stay abreast of the big lawsuits that pop up every now and then. When it comes to the city of Philadelphia, they have recently filed a lawsuit against banking giant Wells Fargo. In order to learn more about this lawsuit and the type of potential repercussions that are in place as a result, you will need to consider some of the research and reporting that has been done into this lawsuit.
With that in mind, Philadelphia attorney Karl Heideck has a great understanding of this lawsuit and is able to provide some clarity for people who want to learn more.
What is the basis of the lawsuit?
This lawsuit was filed by the city of Philadelphia with allegations that the bank has been participating in predatory practices that disenfranchise or take advantage of minority loan borrowers. This is a lawsuit that was filed in May and is yet another domino dropping in the world of Wells Fargo, which has been embroiled in a series of other legal matters, bad PR and scandals.
Per the complaint, Philadelphia is asserting that the San Francisco-based bank unethically pushes black and Latino borrowers toward riskier loans that have very high interest rates. The lawsuit also alleges that Wells Fargo has put hurdles in place that make it difficult for people to refinance their loans once they realize that it does not suit them.
These are matters that will continuously play themselves out in a court of law and should be watched carefully.
Karl Heideck is a Philadelphia lawyer who got his start after graduating from Temple University. He is employed at Hire Counsel and currently works as a litigator dealing with compliance and risk management cases.
Karl Heideck graduated with honors and has had a stellar career.