Recent media reports claims that Philadelphia City has filed a court case against a company called Wells Fargo on grounds that the latter has breached the 1968 Fair Housing Act. This violation of the Act is based on allegations that Wells Fargo employs predatory lending practices targeting minority borrowers. In contrast, Wells Fargo has denied such allegations arguing that the City of Philadelphia’s lawsuit is unsubstantiated and that it uses fair practices. Karl Heideck claims that this lawsuit which was filed in U.S. District Court for the Eastern District of Pennsylvania on 15 May 2017 is among the various problems facing the bank.
The lawsuit, according to Karl Heideck, alleges that Wells Fargo which is a San Francisco-based bank, steered both Hispanic and African-American borrowers towards taking riskier loans. The practice that Wells Fargo is alleged to have been involved in is referred to as redlining. This is a practice in which banks become reluctant to extending loans to individuals living in certain neighborhoods. Apart from this lawsuit, Karl Heideck claims that the bank has been involved in a series of lawsuits in recent years.
About Karl Heideck
Karl Heideck is a legal practitioner, a contract attorney, focusing in various areas including risk management, civil litigation as well as compliance. He has assisted various clients within the Greater Philadelphia Area. He has served as in an associate position and as a project attorney for Conrad O’Brien and Pepper Hamilton LLP respectively. As a result, he has gained widespread experience in responding to complaints and filing law suits.
Mr. Karl Heideck graduated from Swarthmore College with a bachelors’ degree in the year 2003. He also joined Temple University from which he graduated with a Juris Doctor in the year 2009. After graduation, he entered professional legal practice. Currently, Heideck provides a wide range of legal services in various areas including employment proceedings, commercial litigation, product liability, and corporate law.