Academic journal article ABA Banking Journal

NationsBank to Fire Back This Month in Fair-Lending Suit

Academic journal article ABA Banking Journal

NationsBank to Fire Back This Month in Fair-Lending Suit

Article excerpt

NationsBank Corp. is due to respond by Nov. 15 to a private suit alleging that it discriminates against African-American mortgage-loan applicants. The suit represents one of the largest private fair-lending actions pressed to date.

"It is NationsBank's intent to vigorously defend the lawsuit," said its attorney, Andrew Sandlet, indicating that a settlement is probably not in the offing. Sandler is a partner at the Washington, D.C., law firm of Skadden, Arps, Slate, Meagher & Flom.

In late September the private Washington Lawyers' Committee for Civil Rights and Urban Affairs sued NationsBank Corp. and two affiliates in the U.S. District Court for the District of Columbia. The suit was filed on behalf of 11 black Washington-area residents, but the group has asked the court to broaden the suit to a class-action.

In addition to setting out highly detailed allegations of discriminatory treatment accorded to each plaintiff, the private suit charges that Home Mortgage Disclosure Act statistics for 1992-1993 demonstrate that the lender discriminated. …

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