Wells Fargo Appeals $577K Whistleblower Award in Fake-Account Scandal
Out of the uproar over Wells Fargo’s admission that it opened up to 2.1 million accountswithout customers’ knowledge or consent, the bank…
August 24, 2017 at 09:09 PM
6 minute read
The original version of this story was published on Law.com
Out of the uproar over Wells Fargo's admission that it opened up to 2.1 million accountswithout customers' knowledge or consent, the bank vowed to right its ways and hold executives accountable.
The bank's board commissioned a report that found, in part, in-house lawyers failed to grasp the gravity of the looming scandal as alarm bells sounded. Earlier this year, it slashed compensation for top executives to “reinforce accountability.”
Meanwhile, Wells Fargo has been fighting the wrongful-termination claims of a former branch manager in California who alleged she was fired after blowing the whistle on bankers opening new accounts without proper authorization.
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