One major group directly affected by the Wells Fargo scandal- the customers who had fraudulent accounts opened in their names – may have their hands tied. As lawmakers pointed out at congressional …
SAN FRANCISCO (Legal Newsline) – Wells Fargo shareholders this week filed a class action lawsuit against the bank, its chairman and CEO, CFO and the former head of its community banking division, alleging the Wells Fargo executives “concealed” the fact that the source of the bank’s record so-called “cross-selling” was based on fraudulent activity. “While bragging about the Company’s cross- …
Under aggressive questioning by Sen. Elizabeth Warren (D-Mass. ), Wells Fargo chief John Stumpf would not commit to pushing for the bank to rescind some of the approximately $100 million in compensation received by the executive who oversaw the employees who opened unauthorized customer accounts. Stumpf also said he never considered firing the executive, Carrie Tolstedt, who announced her …