May 29, 2012 / 11:45 PM / in 6 years

Wells Fargo spending $432 million to end lending suit

(Reuters) - Wells Fargo & Co (WFC.N) has promised $432.5 million in lending and other investments to end a lawsuit accusing the bank of discriminatory lending practices in Memphis, Tennessee.

    The fourth-largest bank by assets has set a five-year lending goal in Memphis and surrounding Shelby County of $425 million, including $125 million in home-purchase lending for low- and moderate-income borrowers, the bank said in a statement on Tuesday.

    Wells also agreed to contribute grants totaling $4.5 million for down payment assistance and home renovations under a company program that will start in the city later this year. The bank will also contribute $3 million toward local economic initiatives.

    Reporting By Rick Rothacker in Charlotte, North Carolina; editing by Andre Grenon

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