(Taber Andrew Bain) The City of Los Angeles has filed a lawsuit against the largest bank based in the state, accusing Wells Fargo of a plethora of unfair practices including encouraging employees to open unauthorized consumer accounts and then charging those accounts phony fees. The Los Angeles Times reports that the lawsuit, filed in state court in Los Angeles on Monday, claims Wells Fargo pushed employees to engage in fraudulent conduct with regard to consumer accounts in order to meet the bank’s sales quotas. According to the civil complaint, employees at the bank regularly misused customers’ personal information to open unwanted accounts and failed to close the unauthorized accounts despite complaints from customers. In some cases, the city alleges in its lawsuit, employees were so adamant about meeting sales expectations that they used funds in client accounts to open additional accounts. As a result, the suit claims that Wells Fargo was able to create a “fee-generating machine” that harmed customers, while the bank got by relatively scott-free. In addition to opening unwanted accounts and charging exorbitant fees, the lawsuit claims that Wells Fargo further harmed customers by placing their accounts in collections when their accounts didn’t contain enough funds to cover the the bogus bank-generated fees.
Los Angeles Sues Wells Fargo Over Unfair Customer Account Conduct
Ashlee Kieler, The Consumerist
Tue, 05/05/2015 - 7:46am
Topics: taber andrew bain the city l l l california l wells fargo s los angeles mike feuer december l l l.a the l angeles times l wells fargo times angeles times on wells fargo a times i unfair customer account conduct bank employees lawsuit practices fees sales unwanted open suit claims filed reports consumer unauthorized order business affected harmed fraudulent issues members charging court state credit complaint unlawful canceled receive began didn funds additional opening action
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