August 9, 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

Full Moon Frights at Cinespia: Vampires, Werewolves, and a Night Under the Stars

August 8, 2025

August 8, 2025

Double Feature Coincides With Rare Celestial Triple Event Cinespia invites fans of horror comedy classics will gather under the glow...

Xenomorphs Hit Hollywood: FX Launches Global ‘Alien: Earth’ Hunt Ahead of Series Premiere

August 8, 2025

August 8, 2025

Fans Can Track “Crash-Site” Crates in LA for Instant Prizes, Photo Ops, and Sweepstakes FX is bringing the world of...

Glorya Kaufman, Dance, Arts and Health Philanthropist Who Transformed L.A.’s Landscape, Dies at 95

August 8, 2025

August 8, 2025

From Culver City, Brentwood, UCLA, USC, and Downtown LA, Her Generosity was Legendary Glorya Kaufman, a transformative benefactor to the...

Overnight Lane Closures Set for I-405 Through Sepulveda Pass Next Week

August 7, 2025

August 7, 2025

Caltrans to Close Multiple Northbound and Southbound Lanes Nightly  Caltrans will implement overnight lane closures along Interstate 405 in the...

Levain Bakery Lands in Beverly Hills with Cookies, Swag, and a Sweet Surprise

August 7, 2025

August 7, 2025

Newest Location’s Debut Includes Limited-Edition Flavor, Early-Bird Giveaways Levain Bakery will mark the opening of its newest location in Beverly...

Bistro Blue’s One Night Only Seasonal Menu Pops Up at Little City Farms August 10

August 6, 2025

August 6, 2025

Chef Kara Vorabutr’s Garden Dinner Promises to be a Seasonal Showstopper Bistro Blue, a pop-up concept by Chef Kara Vorabutr,...

Cardinale du Vin’s Weekend Izakaya Pop-Up Blends Thai Flavors and Japanese Dishes

August 6, 2025

August 6, 2025

Three Nights Only: Thai-Japanese Fusion Menu Launched in Pico-Robertson Cardinale du Vin is unveiling a special izakaya-inspired menu this weekend,...

Santa Monica’s Chez Jay Celebrates 66 Years with Retro Bash by the Beach

August 6, 2025

August 6, 2025

Landmark Restaurant Celebrates With Classic Cars, Live Music, Celebrity Lore One of Los Angeles County’s most storied restaurants will mark...

Film Review: Weapons

August 6, 2025

August 6, 2025

By Dolores Quintana You might be asking yourself what the film Weapons is about. Not to worry, writer and director...

Classic Rock Tribute Takes Center Stage at Beverly Hills Summer Series, Concerts on Canon

August 5, 2025

August 5, 2025

Rod Lightning and the Thunderbolts of Love Bring High-Energy Hits to the Stage The City of Beverly Hills continues its...

Trial Date Set for Alleged ‘Ketamine Queen’ in Matthew Perry’s Death

August 5, 2025

August 5, 2025

Woman Accused in Matthew Perry’s Overdose to Face Jury The woman accused of supplying the fatal dose of ketamine that...

DUI Suspect Identified and Charged in Crash That Killed 9-Year-Old, Injured Brother

August 5, 2025

August 5, 2025

RV Driver to Face Serious Felony Charges After Striking Boys Riding E-Scooter The 46-year-old man who was allegedly driving under...

Late-Night Traffic Stop in L.A. Lands Rap Star Soulja Boy Back in Legal Spotlight

August 5, 2025

August 5, 2025

Rapper Taken Into Custody During Early Morning Traffic Stop Rapper Soulja Boy was taken into custody early Sunday after Los...

Deadly Crosswalk Hit and Run in West Adams, Victim Hit Multiple Times and Left to Die

August 4, 2025

August 4, 2025

Police Seek Public Help to Identify Three Drivers Who Struck and Killed a Pedestrian  Detectives with the Los Angeles Police...

Brentwood Bookstore Welcomes a Hollywood Insider and Secret Service Agent for a Night of Noir

August 4, 2025

August 4, 2025

Tinseltown Thrills Meet Real-Life Intrigue With Author of To Live and Die in LA Diesel, A Bookstore will host a...