Tag Archives: WellsFargo

Will Consumer Contracts Keep Wells Fargo Victims from Suing?

Have you heard of arbitration clauses? If you haven’t, then here’s what you need to know. These clauses are in consumer contracts in almost every industry, from nursing homes to cable companies to cell phone providers. However, it’s the presence of arbitration clauses in banking contracts that’s starting a real stir, and it could affect millions of Wells Fargo victims. How Are Consumer Contracts Hurting Wells Fargo Victims? You see, if a company wrongs consumers, arbitration clauses keep consumers from banding together in class action litigation. Instead these clauses force consumers to face these companies in arbitration—a sort of private court—instead of through the real court system. And since few people actually know much about the arbitration system, they usually don’t bother to pursue the case. This has helped many companies avoid being sued in recent years, but that could be changing. Wells Fargo has been using the arbitration clause…
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Wells Fargo Changes Its Employee Pay Plan. Is It Too Little Too Late?

Being a bank teller can be pretty tough sometimes. You interact with a lot of people and you’re trusted to handle those people’s money, but you’re also an employee of the bank. Just as in most workplaces, bank tellers are expected to abide by their employer’s policies, and that’s where the trouble started for Wells Fargo. How Did Employee Sales Goals Lead to a Banking Scandal? San Francisco banking giant Wells Fargo has always pressured its bank tellers and employees to sell consumers multiple banking products. The bank even went so far as to tie bank product sales to their employees’ compensation and even their employment. However, that pressure may have gone too far. Feeling that their jobs were threatened, thousands of Wells Fargo employees created bank accounts and credit card accounts. These employees were trying to bolster their sales numbers in order to keep their jobs and get benefits,…
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Did Wells Fargo Retaliate Against Whistleblowers?

They created around 2 million ghost accounts and fraudulent credit card accounts. Many of them claimed they were pressured to do it because of impossible sales goals. Over 5300 of these people were fired for their part in the scandal. However, not all Well Fargo employees were a part of the scandal that shook American banking. As a matter of fact, some employees might have tried to expose it. Did Wells Fargo Retaliate Against Whistleblower Claims? She had been a branch manager for 11 out of the 14 years she had worked for Wells Fargo, so she wasn’t prepared for what happened when she exposed fraud at the bank. This bank manager found around 25 instances of fraudulent sales activity by bank employees, but when she reported them, the problems didn’t get fixed. This woman claims that she was harassed and eventually fired by her supervisors after she blew the…
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