Wells Fargo and Arbitration Clauses
Minnesota Attorney General Lori Swanson wants Wells Fargo to let customers sue the bank to resolve disputes over accounts opened without consumer authorization. That means Wells Fargo will have to forgo enforcing the mandatory arbitration clause included in its consumer contracts. Earlier this month regulators fined Wells Fargo $185 million for opening checking and credit card accounts on behalf of customers who had no idea that was happening. Over a five-year period some 2 million credit cards and deposit accounts were opened that were not authorized by the bank’s customers. While Wells Fargo has promised to make restitution, the bigger... Read More