Los Angeles Files Lawsuit Against Citi, Wells Fargo

(Los Angeles, CA) -- Citigroup and Wells Fargo are the targets of a newly-filed lawsuit out of California. The city of Los Angeles is seeking damages for a loss in tax revenue due to discriminatory mortgage lending to the city's minority communities. The complaint filed in court charges that Citigroup and Wells Fargo "engaged in a continuous pattern and practice of mortgage discrimination in Los Angeles since at least 2004." Both Citigroup and Wells Fargo are dismissing the lawsuit, saying it's without merit.