As an experienced lawyer in Philadelphia, Karl Heideck has specialized in litigation, risk management, and compliance issues. He is very familiar with financial issues and has handled a great many cases involving banking litigation as well as securities fraud. He recently explained the details of the lawsuit that the city of Philadelphia filed against the banking giant Wells Fargo.
As Karl Heideck explains it, Philadelphia has accused Wells Fargo & Co. of violating the Fair Housing Act according to phillypurge.com. They allege that the bank used predatory lending practices that targeted minorities who were seeking a mortgage. Wells Fargo responded by saying that they follow fair lending practices and dispute the allegations made against them. Philadelphia filed the lawsuit in May of 2017 and it will be heard at the U.S. District Court for the Eastern District of Pennsylvania.
Follow Karl Heideck on Twitter
This lawsuit is the latest black eye for Wells Fargo. They were infamously caught opening fake banking accounts for customers. This was done by employees of the bank because they were set impossible to meet goals. What Philadelphia says was happening in their city was that Wells Fargo was putting their Hispanic and black customers into risky loans that had much higher interest rates than what they actually qualified for. The city also says, according to Karl Heideck on avvo.com, that this also made it very difficult for these mortgage holders to refinance into a better mortgage down the road. Many also ended up in foreclosure on their loans at a far higher rate than that experienced by Wells Fargo’s white mortgage holders.
Karl Heideck earned his J.D., Law degree at the James E. Beasley School of Law located at Temple University. He also holds a bachelor’s degree he earned in 2003 at Swarthmore College. After earning his degree he entered the field of law as an associate. Over the years he has steadily progressed higher up the ladder and is now a team leader who is in charge of directing a team of lawyers involved in a number of legal review projects.
Learn more about Karl Heideck: http://weeklyopinion.com/2017/08/child-car-seat-law-in-pennsylvania-karl-heideck-explains/