Contracts Attorney Karl Heideck: Wells Fargo is Preying on Minorities in Inner-City Philadelphia

Contracts Attorney Karl Heideck
Contracts Attorney Karl Heideck

According to a lawsuit filed by the City of Philadelphia, the San Francisco based bank engaged in predatory mortgage lending practices, specifically targeting minorities. Philadelphia area contract attorney Karl Heideck alleges that Wells Fargo intentionally and unwarrantedly forced riskier loans with higher rates upon minority borrowers, while whites with similar financial backgrounds and credit histories would have qualified for lower rates.According to Heideck, the City examined Wells Fargo loans over a ten year span. It was discovered that throughout this time period, there was a significant discrepancy between the rate charged to Hispanic and African-American borrowers versus whites with equivalent credit scores. The City further alleges that these lending practices led to a spike in foreclosures in neighborhoods populated by minorities, who had difficulty keeping up with these loans’ higher interest rates.

In legal terms, the predatory practice which Wells Fargo has allegedly engaged in is called “redlining.” This occurs when a bank discriminates in its lending policy against a specific geographic location, based upon its racial demographics. This practice is banned by the U.S. Constitution. For its part, Wells Fargo denies any wrongful activity. According to the bank, it engages in fair and non-discriminatory lending practices to all of Philadelphia’s residents.

Karl Heideck is an attorney at the law firm of Grant and Eisenhower, PA, which specializes in complex banking fraud and malpractice litigation, in particular as they relate to the 2008 housing market crisis. Karl Heideck graduated from Temple University Law School with honors in 2009, and for the last eight years has been litigating a wide variety of finance and banking related cases. In his practice of law, he has acquired specialized experience in securities fraud, pharmaceutical litigation, and bankruptcy issues.In his current role, Karl Heideck’s practice focuses on cases which relate to liquidity, acquisitions, and risk management. As a contract attorney, Karl primarily engages in the review of discovery materials for these highly complex securities cases.

Meet Ricardo Tosto de Oliveira Carvalho, the Finest Brazilian Litigator

Brazil is among the nations with many lawyers owing to the vast number of law schools in the country. In 2010, Brazil came third among countries with the largest number of attorneys while India was leading with over a million lawyers and the US was second with nearly one million attorneys as well. According to figures published by the National Council of Justice, Brazil has over 1,240 graduation law courses while the total number of classes in the globe is 1,100 law schools.

There are approximately 620,000 legal prosecutors in Brazil with many operating in Rio de Janeiro and a few others in Sao Paulo. To practice law in Brazil, one need to pass the vestibular exams, attend law school for approximately five years and attain a law degree. A law student has to pass the bar examinations dubbed as Ordem dos Advogados do Brazil and then undertake an internship in any of the law firms in the country. One of such Law firms that one can intern at including Leite, Tosto e Barros Advogados that was founded by the prominent litigator Ricardo Tosto de Oliveira Carvalho.

About Ricardo Tosto de Oliveira Carvalho

Ricardo Tosto de Oliveira Carvalho is leading legal prosecutor in Brazil. He began his profession by working in a small law firm after which, he decided to establish his law firm known as Leite, Tosto e Barros Advogados. Due to Ricardo’s remarkable experience and proficiency, his law firm has evolved to become one of the leading corporate litigation companies in Brazil.

Some of the clients served at Ricardo’s law firm include big Brazilian companies, the Brazilian government, as well as high profiled politicians and individuals. Additionally, Ricardo Tosto de Oliveira Carvalho is known to offer assistance to others upcoming litigator through internship programs. As a matter of fact, some of his managing partners started off as interns Brazilian lawyer firm. Ricardo Tosto de Oliveira Carvalho responsibilities include supervision of the company’s high-profile cases, development of original strategies, as well as the overall management of Leite, Tosto e Barros Advogados.