You Can’t Sue Wells Fargo for Fraud—Unless This New Bill Goes Through

New legislation aims to help consumers sue Wells Fargo for secretly opening up to 2 million accounts without customers’ authorization.

The Consumer Financial Protection Bureau fined the bank $185 million in September for the deceptive behavior, but the potentially thousands of affected Wells Fargo customers could not sue the bank over the damage caused. Instead, they are bound by mandatory arbitration clauses hidden in the fine print of their customer agreements.

Read on.

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One response to “You Can’t Sue Wells Fargo for Fraud—Unless This New Bill Goes Through

  1. Reblogged this on California Freelance Paralegal and commented:
    That is outrageous that consumers are forced to submit to arbitration. They need to pass a law that forbids any bank or large corporation from including mandatory arbitration clauses in their contracts. If you look at the history of arbitration it was never intended to be used this way. Historically arbitration was only between merchants and businesses.

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