Wells Fargo: Fraud Alleged in Lawsuit

A May 4, 2015 Los Angeles Times article focuses on allegations of fraud against banking giant Wells Fargo and notes that the city of Los Angeles has filed a Wells Fargo fraud lawsuit claiming “unfair, unlawful and fraudulent conduct” on the part of the bank, resulting in unauthorized fees and damaged credit to affected consumers.

If you have been a victim of fraud on the part of Wells Fargo or another financial institution, contact Attorney Group for more information about your options. We offer free, no-obligation consultations, and if you have a case we can connect you with an affiliated attorney who can assist you throughout the legal process. The time to pursue a claim is limited, so contact us today.

Wells Fargo Victimized Customers, According to Lawsuit

According to the LA Times article, the lawsuit against Wells Fargo alleges that the company and its employees “violated state and federal laws by misusing confidential information and by failing to notify customers when their personal data were breached.” Former employees interviewed for the article describe:

[H]ow staffers, fearing retribution from managers, begged friends and family members to open ghost accounts; opened accounts that they knew customers didn’t want; forged signatures on account paperwork; and falsified phone numbers of angry customers so they couldn’t be reached for customer satisfaction surveys.

Wells Fargo is also alleged to have turned customers over to collection agencies when the unauthorized fees were not paid.

Lawsuit: Bank Failed to Remedy Injuries Caused by Its Bankers

While the bank asserts that the actions were taken by a limited number of employees who were disciplined or fired, the city claims that Wells Fargo took only “token efforts … to prevent customer abuses.” Moreover,

On the rare occasions when Wells Fargo did take action against its employees for unethical sales conduct, Wells Fargo further victimized its customers by failing to inform them of the breaches, refund fees they were owed, or otherwise remedy the injuries that Wells Fargo and its bankers have caused.

Affected Customers May Be Entitled to Compensation

The lawsuit filed by the city of Los Angeles reportedly seeks an injunction preventing Wells Fargo from engaging in similar conduct in the future, as well as penalties of up to $2,500 per violation along with restitution to be paid to affected consumers.

Attorneys note that remedies for the Wells Fargo fraud will most likely not be limited to those sought in the city’s lawsuit. Affected customers may be entitled to additional damages based on deceptive and unfair trade practices, costs associated with credit monitoring and impacted credit reports, and punitive damages to punish the wrongdoing and deter similar conduct in the future. Bank customers who believe they have been the victims of fraud are encouraged to seek legal counsel to learn their rights.

The Time to Pursue a Claim is Limited. Contact Us Today.

If you have been affected by Wells Fargo fraud or other wrongdoing by a bank or financial institution, contact Attorney Group today for more information about your options. Our consultations are free, confidential, and there is no obligation on your part. If you have a case, we can connect you with an affiliated attorney who can help you through the legal process. State laws limit the time you have to pursue a claim, so contact us today.