A federal judge in California recently granted summary judgment in favor of First Tennessee Bank, National Association in a class action lawsuit based on two alleged discriminatory lending practices: the alleged “steering” of African American borrowers into subprime loans and the qualification of African American borrowers for adjustable rate mortgages only by reference to below-market initial, discounted interest rates. The National Association for the Advancement of Colored People sued First Tennessee and numerous other lenders for injunctive relief as to the alleged practices. First Tennessee moved for summary judgment, arguing that the undisputed evidence demonstrated it had not engaged in the challenged lending conduct. The court agreed, and granted First Tennessee’s motion. Goodwin Procter partners Tom Hefferon and Brooks Brown represented First Tennessee in this action. Click here for National Association for the Advancement of Colored People (NAACP) v. Ameriquest Mortgage, et al., No. 07-CV-0794 (C.D. Ca. Feb. 1, 2010).
Alert February 09, 2010