Wells Fargo is quietly trying to skip out of its obligation to pay back customers it forced into unauthorized accounts.
While the banking giant runs millions of tv commercials claiming that it is making up for its misdeeds, Wells Fargo has filed a motion in court asking that dozens of customers suing them in a class-action lawsuit be denied their day in court.
Instead, Wells Fargo wants those customers to resolve their disputes with the bank in private arbitration, invoking mandatory arbitration clauses. Consumer advocates say those clauses, which are attached to new accounts, prevents customer rights to appeal misconduct, because those hearings are conducted in secret.
The bank has already agreed to pay $185 million in penalties and $5 million to customers after the stealth accounts the bank created to draw in fees and bounties from customers was uncovered and exposed.
Zane Christensen, the lawyer representing Wells Fargo customers, issued a statement: “We are saddened that despite Wells Fargo’s commercials and promises to make things right, Wells Fargo is choosing to harm their customers once more.”