U.S. top court throws out ruling allowing Miami predatory lending suit

Reuters News
Posted: May 01, 2017 10:25 AM

WASHINGTON (Reuters) - The U.S. Supreme Court on Monday threw out a lower court ruling that had given Miami the green light to pursue lawsuits accusing major banks of predatory mortgage lending to black and Hispanic home buyers, but gave the city another chance to argue its case.

The court ruled 8-0 in tossing out the ruling in favor of Miami by the Atlanta-based 11th U.S. Circuit Court of Appeals. Bank of America Corp and Wells Fargo & Co had challenged the decision to permit the lawsuits by the Florida city against the banks. Three justices said they would have thrown out the lawsuit altogether. Newly appointed Justice Neil Gorsuch did not participate.

(Reporting by Lawrence Hurley; Editing by Will Dunham)