Wells Fargo Tries to Enforce Mandatory Arbitration in Phony Accounts Litigation

[kreslik.news]

San Francisco-based Wells Fargo Bank (WFC), one of the largest banks in the US, is trying to push its customers to resolve the lawsuits that they are bringing over the opening of unauthorized accounts through private arbitration, instead of in a courtroom, according to legal documents filed Wednesday.

The bank asked the US District Court in Utah to order dozens of customers to settle their disputes outside the court. The motion is Wells Fargo’s latest attempt to resolve claims that bank employees secretly opened millions of unauthorized accounts for their customers in order to meet aggressive sales goals.

Thousands of employees at ... (read more)