Talks begin over bill inspired by Wells Fargo scandal

Legislative deliberations continued Tuesday over a bill that seeks to prevent financial institutions accused of defrauding their customers from pulling legal disputes out of the state court system and into private arbitration.

Senate Bill 33, introduced in December by state Sen. Bill Dodd, D-Napa, in the wake of the Wells Fargo sham account scandal, was passed out of the Senate Judiciary Committee on Tuesday.

Should it eventually be signed by the governor, the legislation would make it easier for customers who claim they were swindled by the embattled San Francisco bank to band together to file class-action lawsuits, which can often lead to bigger payouts for plaintiffs.

Read on.


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