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City of Miami files suit against banks

Blames Citigroup, Wells Fargo, & Bank of America for real estate loss

As Blacks lost their homes to bank foreclosures, officials from the City of Miami watched property values plummet leaving the city with a towering debt. The City of Miami retaliated by filing separate lawsuits against three of the nation’s largest banks, claiming they discriminated against Black borrowers in poor neighborhoods that resulted in damaging foreclosures for the City.