NAACP Removes Lawsuit Against Wells Fargo

Over a year ago the NAACP filed a lawsuit against Wells Fargo (NYSE: WFC) in regards to African Americans receiving "subprime mortgages" in comparison to Whites with the same qualifications.

However, the NAACP has decided to drop the lawsuit. Wells Fargo has agreed to provide the NAACP information on its lending practices for the organization to review.

In the Wells Fargo lawsuit, the NAACP did not look for monetary gains, instead they focused on changing the practices within the financial institution.

Even though the NAACP has dropped this lawsuit, it is still in litigation with approximately 14 other financial companies for similar acts of discrimination against African Americans.