April 23, 2025 #1 Local News, Information and Event Source for the Century City/Westwood areas.

Activists Plan to Call on LA City Council to Shift Investments Away From Wells Fargo

Several activists again plan to call on the L.A. City Council Monday to shift investments now managed by Wells Fargo Bank to another institution due to Wells’ financial support of the Dakota Access pipeline plan.

Activists with Divest LA held a rally outside City Hall attended by about 100 people in March calling on the city to divest from Wells Fargo, and about two weeks later two City Council members introduced a motion in support of the idea.

After holding a news conference at 11 a.m. Monday, members of Divest LA plan to speak during the public comment section of the Budget and Finance Committee meeting, although the committee, which will meet starting 2 p.m., is not scheduled to discuss the motion.

“The city has historically upheld strong principals protective of the environment and the health and welfare of its residents. Wells Fargo’s support of the Dakota Access Pipeline Project is at odds with these principals,” according to the motion.

The city holds more than $40 million in securities with Wells Fargo that have a one-to four-year maturity, according to the motion, which was introduced by council members Paul Koretz and Mitch O’Farrell, and seconded by Councilman Mike Bonin,.

“The city should divest its holdings from Wells Fargo in a manner that protects taxpayers’ interests, and reinvest those funds in responsible financial institutions that respect the rights of all individuals to be treated fairly and equitably. Wells Fargo needs to change its business practices, or risk losing a customer in the city of Los Angeles,” O’Farrell said when he introduced the motion.

In February, the Seattle City Council voted to end its banking contract with Wells Fargo when it expires in 2018 due to its financial support of the pipeline project. The cities of Davis and Santa Monica have made similar moves.

The oil pipeline runs more than 1,100 miles from North Dakota to Illinois, and sparked a major protest that lasted for months near the Standing Rock Sioux Reservation. Members of the tribe opposed the project because they said it passed over a sacred burial ground and would threaten their water source.

After pipeline construction was halted in November by the Army Corps of Engineers, President Donald Trump signed an executive order in January instructing the agency to finish the project and oil started flowing through the pipeline in March.

The pipeline cost an estimated $3.78 billion dollars to build.

Wells Fargo executives said in a February statement that it is not the lead bank on the project, and is merely one of 17 financial institutions that made a loan to the developers of the pipeline. The company said it lent $120 million to the project.

Related Posts

New York Film Academy in Los Angeles Offers Summer Camps, Programs

April 22, 2025

April 22, 2025

New York Film Academy in Los Angeles is hosting several summer camps for teenagers and kids, providing practical training in...

Cinespia Returns to Hollywood Forever With Cult Classics and a David Lynch Tribute

April 22, 2025

April 22, 2025

Hollywood Forever Cemetery Becomes a Moviegoer’s Paradise Once Again Cinespia, Los Angeles’ beloved outdoor cinema series, will return to Hollywood...

Major I-405 Rehab Project Unveiled: Caltrans to Host Virtual Info Meeting

April 22, 2025

April 22, 2025

Sepulveda Pass Overhaul: New Pavement, Safer Roads, Better Commutes The California Department of Transportation (Caltrans) will hold a virtual informational...

San Fernando Valley Man Gets 5 Years for Beverly Hills Bank Fraud and Identity Theft

April 22, 2025

April 22, 2025

Federal Prison for ID Thief Who Raided Beverly Hills Mailboxes for Millions A North Hills man was sentenced Monday to...

Academy Announces Major Changes for 98th Oscars, Including AI Rules and New Casting Award

April 22, 2025

April 22, 2025

Academy Now Requires Viewing All Nominees to Cast Final Ballots The Academy of Motion Picture Arts and Sciences has unveiled...

Pepper Spray and Panic: LA Homeowners Targeted in Nighttime Burglaries

April 22, 2025

April 22, 2025

LAPD Hunts Suspects After One Resident Attacked in Beverly Grove Two separate home invasions late Friday night in Beverly Grove...

“We’re Better Than This”: Tour Business Owner Pleads for Protection After Third Burglary

April 21, 2025

April 21, 2025

Thieves hit Again, Stealing E-Bikes and Leaving a Wake of Damage in South La Cienega The frustrated owner of a...

Lawsuits Allege Insurance Giants Conspired to Undercut California Fire Victims

April 21, 2025

April 21, 2025

Two Lawsuits Accuse Top Carriers of Price-Fixing and Violating Antitrust Laws Attorneys representing homeowners impacted by California’s January wildfires have...

Cali Camp Welcomes Los Angeles Campers

April 21, 2025

April 21, 2025

By Susan Payne Roam streams, meadows and oak trees in the heart of rock-lined Topanga Canyon this summer at Cali...

Mayor Karen Bass’ Budget Plan Proposes 1,647 Layoffs Amid $300M Liability Surge

April 21, 2025

April 21, 2025

Civilian LAPD Staff, Transportation, and Sanitation Departments Among Hardest Hit Mayor Karen Bass’ proposed city budget for the upcoming fiscal...

Santa Monica PD Makes Arrest in Ocean Front Walk Stabbing; Second Suspect Sought

April 21, 2025

April 21, 2025

Late-Night Stabbing in Santa Monica Prompts Manhunt After a shocking incident of violence in Santa Monica, a man has been...

Unlock the Secrets of Impressionism and Ancient Thrace with Getty’s Free Talks

April 21, 2025

April 21, 2025

The Getty’s Lineup of Free Online Art Talks Opens Doors for Global Audiences. The Getty Center will host a series...

Registration is Open for Harvard-Westlake Summer Programs

April 21, 2025

April 21, 2025

By Susan Payne Summer programs at Harvard-Westlake are open for registration.  Participants can experience renowned programs in academics, visual arts,...

Los Angeles City Attorney Sues Over Illegal Rentals, Wildfire Price Gouging

April 20, 2025

April 20, 2025

City Attorney Seeks Permanent Ban and Millions in Penalties for Operators City Attorney Hydee Feldstein Soto has filed a civil...

Multi-Concept Asian Restaurant Coming to Prime Sunset Strip Corner

April 20, 2025

April 20, 2025

Round 1 Delicious Inks Lease for Asian Dining Concept in WeHo West Hollywood will be the location for a high-end...