Occupy Memphis Asks City/County to Expand Wells Fargo Lawsuit

Posted by Bianca Phillips on Sat, Dec 24, 2011 at 9:00 AM

At its Sunday general assembly, Occupy Memphis passed a "Notice to Redress" urging the city of Memphis and Shelby County to expand their lawsuit against Wells Fargo to include "Hispanic and poor white constituencies."

Currently the lawsuit, filed in conjunction with the city of Baltimore, alleges that Wells Fargo engaged in predatory lending among African American residents. But Occupy Memphis members want to lawsuit to cover other communities they believe were also affected by reverse redlining practices.

"As this lawsuit is currently in discovery, we petition our governments to expand their complaint against Wells Fargo to include our entire community," reads the notice, which Occupy members are delivering to Memphis Mayor A C Wharton and Shelby County Mayor Mark Luttrell.

The notice also states that, if any criminal actions by Wells Fargo are revealed, that "no fines or plea bargains should be entertained as a substitute for conviction."

Comments (16)

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If Occupy Memphis is expecting to get any help from AC Wharton in fighting corporate greed, they are sadly mistaken.

AC Wharton favors corporate greed and making lawyers rich. He really does not care about the 99%.

AC Wharton solves problems by litigation. Litigation does not create jobs or wealth. The only wealth it creates is for the lawyers like Wharton.

When will AC Wharton start collecting corporate taxes from FEDEX, AutoZone, and Pinnacle Airlines?

AC Wharton gave huge tax breaks and high priced downtown real estate to Pinnacle Airlines for free. Pinnacle Airlines is about to file for bankruptcy. Plus Pinnacle gives Memphians the highest airfares in the country.

Occupy Memphis is dreaming about Wells Fargo. The only ones who are doing well with this will be AC Wharton's lawyer friends.

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Posted by stapletondia on 12/24/2011 at 1:58 PM

my husband income was boosted up when wells fargo approved our loan,and we found out two years later.what can we have done.

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Posted by gerald on 12/24/2011 at 8:30 PM

Stapletondia, you are as wrong as two left shoes. First, once this gets into court, the judge will decide the parameters of the case, not A C Wharton. The administration initially brought the lawsuit, however, anyone who claims injury by the alleged practices of Wells Fargo will be allowed to intervene.

Second, the mayor of Memphis does not have the power to unilaterally give anything to corporations. It takes a majority vote by the city council to do that. Actually, all Mayor Wharton can do is propose, he doesn't even have a vote.

Third, if the plaintiffs prove their case of discriminatory and predatory loan practices, the people harmed will be paid. Have you not read the recent case against Bank of
America, for the loan practices of former, Countrywide? 355 million plus attorney fees is not a shabby settlement. The attorney fees will be paid separately, not from the 355 million set aside for the plaintiffs. In other words, the attorney fees will not come from the 355 million settlement.

As for collecting corporate taxes, it is the mayors job, as chief executive, to enforce the laws that the city council passes. If the city council vote to start collecting taxes from those corporations, Mayor Wharton will have to follow their edict.

I have proven you wrong on all points that you have made. As far as the 3 people that liked your post, it the blind following the blind.

I have stated before that I will not let non-factual and utterly false statements be made without a response and/or rebuttal from me. It appears, to me, that you need to get your facts straight before you post these type of fabrications. If you are right, I will support it; if you are wrong, I will point it out.

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Posted by oldtimeplayer on 12/25/2011 at 1:07 AM

There you go again, OTP. The Countrywood settlement that was just announced was with the U.S. DEPARTMENT OF JUSTICE, not private plaintiffs, so there will be no attorney's fees. http://www.nytimes.com/2011/12/22/business… I told you that once before in this forum, but you apparently chose to ignore it.

I guess you're only interested in not letting "non-factual and utterly false statements be made" when it's by OTHERS, eh?

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Posted by M_Awesomeberg on 12/25/2011 at 2:19 AM

M._Awesomeberg, you show your inability to do your complete research. It seems that you are reaching for the first thing you see.

First, the poster and the article was about Mayor A. C. Wharton and the fact that only lawyers make money in this type of case. I debunked the part about the Mayor, solely, initiating this lawsuit. I destroyed the posters credibility about the Mayor being solely responsible for corporate taxes not being paid by certain entities that were given tax breaks.

Now for you, my uninformed reader. The Bank of America, former Countrywide, settlement was initiated by the justice department, a government entity. The staff lawyers for governmental entities are salaried and of course, don't share into the settlement awarded.

The city of Memphis is a government entity, which brought this action. If handled, in house, completely by salaried staff lawyers, they too will not receive any funds from any settlement and or award.

The fallacy that the only people that get money for these type of lawsuits, private attorneys, is misleading. The harmed people that bring forth these lawsuits do not have the means, money to pursue them individually and/or as a class. Without the fee being based on whether the plaintiffs wins or not, these cases cannot be brought, in the first place. Large powerful corporations bank on the fact that an individual and/or a group of individuals do not have the resources to bring them to court. The usual fee, that the courts allow, is 25 to 35% of the settlement. 65% recovery is better than nothing for poor people who have been wronged. So, you are totally wrong, only using republican, conservative talking point, with no facts.

You can read the facts about class action lawsuits at:

http://www.classactionlitigation.com/faq.h…

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Posted by oldtimeplayer on 12/26/2011 at 9:54 AM

The lawsuit by the city/ county is only to recoup their losses from increased maintenance and etc caused by bank owned foreclosures being allowed to deteriorate and etc. It is not a class action for the affected by Wells Fargo to seek compensation for damages although I cannot believe some attorney isn't jumping all over it. I think Occupy is probably not expecting anything from the gov but just setting up the stage for more dramatic actions on their part

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Posted by T rex on 12/26/2011 at 5:03 PM

T rex, you are completely right. All I was saying is that the people that were harmed would have a chance to intervene in the lawsuit.

I also chimed in because I don't believe that people, even politicians of any party, should be lied on. I am a staunch democrat, however, I don't want to see republicans lied on either. Maybe if people were more informed about the roles officials have, the better we will be in assessing blame, plaudits, etc.

It is the same way with the presidency, regardless of who holds the office. People hold him/her responsible for things that the president has no control over at all. Congress and the senate do it to hide their shortcomings. People should know, from simple civics, the president passes no laws. The president cannot even present bills in either the house or the senate. Yes, he can veto legislation, however, both houses of congress can over-ride his veto.

Stop blaming the person you dislike and put the blame on the people that really deserves it.

President Obama is the chief executive officer of the land. HE ONLY ENFORCES THE LAWS THAT THE CONGRESS PASSES. The president appoints members of his cabinet and judges, all the way up to the supreme court, BUT ONLY WITH THE ADVISE AND CONSENT OF THE SENATE. The president conducts foreign policy and makes treaties, again, ONLY WITH THE ADVISE AND CONSENT OF THE CONGRESS. The president is the commander in chief of all of the armed forces, however, ONLY THE CONGRESS CAN DECLARE WAR.

So, you see, the problems that confront this nation, war, economy, etc., is really the fault of the congress, especially the house, because it deals with the actual funding of all laws. People should direct their outrage at the congress, both houses, for not doing the job that they were sent to do. Other than in time of national emergency, and/or war, the president has very little power over domestic affairs. Other than the veto, which congress can over-ride, he is practically powerless, legislatively.

GO STUDY YOUR CIVICS, ALL OF YOU MIS INFORMED CRITICS!

PS: Most state governments are set up the same way.

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Posted by oldtimeplayer on 12/26/2011 at 6:27 PM

OTP: This is what you said: "Have you not read the recent case against Bank of America, for the loan practices of former, Countrywide? 355 million plus attorney fees is not a shabby settlement. The attorney fees will be paid separately, not from the 355 million set aside for the plaintiffs. In other words, the attorney fees will not come from the 355 million settlement."

YOU said there would be attorney [sic] fees as part of this [Countrywide] settlement. That ("non-factual and utterly false") statement had NOTHING WHATSOEVER to do with Mayor Wharton or the Wells Fargo case. In other words, YOU WERE DEAD, FLAT WRONG, but can't seem to bring yourself to admit that. So much for YOUR credibility.

P.S. In case you haven't done so because you don't know how to admit you were wrong, you can cut and paste the following into your next post: I, Oldtimeplayer, hereby admit I was wrong when I said the $355 settlement of the case against Countrywide for its loan practices provided for the payment of attorney's fees, and I apologize both for my mistake and for not admitting it sooner.

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Posted by M_Awesomeberg on 12/26/2011 at 10:11 PM

Well it certainly seems Occupy Mems original point concerning Wells Fargo being a very bad actor both locally and nationally has devolved into an "I'm right Yer not" head bumping contest. No wonder people have given up on uncivil discourse and taken up civil disobedience.

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Posted by T rex on 12/26/2011 at 11:15 PM

Attorney fees will not come out of the countrywide, bank of america settlement. That is a fact and is true. So, there will be no apology.

Class action lawsuits brought by private parties with private attorneys will be paid out of any settlement and/or award. That was in response to the poster saying that only lawyers make money on those kinds of suits.

I supplied the link so that you can see that this whole, only lawyers benefit from class-action lawsuits is bogus.

Also, the article which I supplied the linc to, says that, on some occasions, attorney fees will be paid by the losing side.

I have not mis-led or lied about anything, so, don't expect an apology.

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Posted by oldtimeplayer on 12/26/2011 at 11:15 PM

You guys need to come on down to the CCP (Civic Center Plaza) we need your spirit, your wisdom, your enthusiasm, your compassion...your joy....( as do the the rest of the apathetic Memphian's, whom I personally am disappointed with THEIR lack of participation with the Occupy movement.... period).... Come on down.... toughen up.. If I can do it so can you.

I am a 51 year old, Unemployed ( after all these years ) white female, Mother of two wonderful sons, Grandmother of 2 beautiful grandsons (whose future I am fighting for )
This is the Most Patriotic thing I have ever done, a first in my life ever being politically involved in anything....(other than voting)...I decided that I was tired of sitting on my hands, bitching about the way things are, while doing nothing to change it, so I got involved... I joined Occupy Memphis before we moved into CCP and am still there and more involved than ever... I will NOT give up, I will NOT back down... I have nothing to loose....

I have no future, nor do my children or my grandchildren, under the current or future way things will become, if left to those that "We The People" have & will EMPOWER... if we do not check them and call them out, who will? Now is the time America / Memphis.... now is the winter of our discontent...!

I am a citizen of these United States... A Woman.....a patriot... a concerned citizen.
WAKE UP MEMPHIS, WAKE UP... GET INVOLVED ...JOIN US.... Make / Get your voices heard...OR....

just keep watching America's next whatever.... the dumbing down of America seams to be working great, ya'll keep buying into it.... keep watching FOX news and walk right over that cliff while we scream at you...
WAKE UP.............!

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Posted by Alicia Rumbarger on 12/27/2011 at 1:58 AM

Alicia, watch what you wish for. If all those disenfranchised Memphians came down to join you at Occupy, crime in your little encampment would go way up.

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Posted by Flyhigh on 12/27/2011 at 9:21 AM

OTP: You just don't/won't get it. I'm not surprised, though, that you won't admit your mistake. Blowhards like you seldom do. Wait, wait--did you hear that? It was the sound of another nail being driven into the coffin of your credibility.

P.S. Your sophistry is stunning. Using your reasoning (with apologies to that word), if you said the sun wouldn't rise in the West tomorrow morning and were admonished that it NEVER rises in the West, when it rose in the East you'd say "see, I told you so," and claim credit for your clairvoyance. Congratulations for resurrecting the spirit of Professor Irwin Corey.

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Posted by M_Awesomeberg on 12/27/2011 at 12:43 PM

OTP is trying his hardest to accomplish his dream of turning Memphis into a third-world ghetto.

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Posted by Flyhigh on 12/27/2011 at 1:38 PM

The ghettos in this country were created by the white power structure through local government and banks by zoning, restrictions, racial codes, redlining, etc. Black people didn't create ghettos, not by a long fucking shot. read a history book, and not the bland whitewashed BS we were fed as children.

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Posted by Packrat on 12/27/2011 at 2:58 PM

Flyhigh, We came over here in chains. We didn't create anything. We were left with the crumbs, ghettos, off of your table. We had and still have the lowest paid, less secure jobs in Memphis. How in the hell did we create ghettos? It wasn't that long ago since you controlled everything. You made all of the rules, credit, etc.

Antropologists willtell you that we, as a people, african americans, have come a long way, in a very short time. It is you that should be worried. You had all of the advantages and a 300 or so year head start on us and we are already nipping at your heels. Your county kids, with all of those advantages, are only 15 or less points ahead of us on the grading system that you invented. You should be ashamed that you are about to be run down, former slavemasters overtaken by their slaves.

Instead of denigrating us, you need to get busy and try to uplift your own.

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Posted by oldtimeplayer on 12/27/2011 at 6:40 PM
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