Los Angeles City Attorney Mike Feuer has sued Wells Fargo Bankers alleging Wells Fargo
Los Angeles City Attorney Mike Feuer has sued Wells Fargo Bankers alleging the bank “victimized” its California customers. Feuer accused the bank with using illegal bank tactics. He claims Wells Fargo opened accounts in customer’s names without their permission so employees can reach sales quotas.
The lawsuit filed on behalf of the state of California alleges Wells Fargo bankers in California were encouraged to “do whatever it takes” to meet sales goals. This included withdrawing money from customers’ unauthorized accounts to pay bank fees. The suit also alleges bankers placed customers into collections when the unauthorized withdrawals went unpaid.
In addition, the suit also alleges bank employees even pressured family members and friends to sign up for accounts.
The lawsuit points to the bank’s brochure called “The Vision and Values of Wells Fargo,” that states:
Feuer also claims in the suit that:
The bank imposes unrealistic sales quotas on its [California] employees, and has adopted policies that have, predictably and naturally, driven its bankers to engage in fraudulent behavior to meet those unreachable goals,”
Wells Fargo Denies The Allegations
The bank defended themselves to ABC News by saying:
The bank said in its statement:
This includes training, audits, and processes that work together to support our Vision & Values and our commitment to customers receiving only the products and services they need and will benefit from.
Comments like this from Wells Fargo aren’t new. They made similar statements when they were accused of “Dual Tracking” homeowners on mortgages. They were also forced to pay Fannie Mae $591 million after allegedly defrauding the GSE.
Lets also not forget, the deaths Wells Fargo caused like Larry Delassus who died of a heart attack in an LA County Courtroom fighting Wells Fargo who was attempting to foreclose on his home because of a clerical error caused by Wells Fargo.
Or how can we forget how Wells Fargo devastated Baltimore with “Ghetto Loans” and then lied about to congress?