news.cuna.org/articles/105813-news-of-the-competition-5715

News of the Competition (5/7/15)

May 7, 2015

LOS ANGELES (5/7/15)--The city of Los Angeles has filed a lawsuit against Wells Fargo for malicious and manipulative practices that have damaged customers’ credit, according to a recent report from the Los Angeles Times (May 4). The Times reported that sales quotas imposed by Wells Fargo resulted in employees opening unauthorized accounts for customers and charging fake fees, which subsequently bludgeon their customers’ credit. The civil complaint filed by the city alleges that Wells Fargo encouraged employees to participate in “unfair, unlawful and fraudulent conduct” through the performance-based pressures the big bank has cultivated internally. “The result is that Wells Fargo has generated a virtual fee-generating machine, through which its customers are harmed, its employees take the blame, and Wells Fargo reaps the profit,” the lawsuit said ...