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  • #91
    As far as their contract goes -- IANAL, and I can only speak to what I learned when researching contracts a few years ago. The short version is: "It depends."

    IIRC:

    In some areas, a contract that includes something which is actually illegal makes the whole thing unenforceable.

    However, in many areas, if one section of the contract contains something illegal, then only that section is considered unenforceable, and effectively stricken from the contract. If the 'arbitration clause' was legal at the time the contracts were signed, the workers may be SOL. That being said. a good lawyer could still help with something like that if the "no arbitration" law is in effect and enforceable.

    I do not know which is the case here.
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    • #92
      And the nonsense continues and spreads, now to Prudential
      Seph
      Taur10
      "You're supposed to be the head of covert intelligence. Right now, I'm not seeing a hell of a lot of intelligence. Covert, overt, or otherwise!"-Lochley, B5, A View from the Gallery

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      • #93
        https://consumerist.com/2016/12/13/w...-out-of-court/

        From the article: "As [The Consumerist] mentioned last week Wells Fargo — the bank where employees opened millions of unauthorized accounts in customers’ names — has been trying to wriggle out of class action lawsuits involving the fake account fiasco by forcing each individual customer into private arbitration. This afternoon, the judge in one lawsuit put the case on hold until he decides whether or not Wells gets to play this 'get out of jail free' card."

        I don't see how Wells Fargo can seriously try and enforce the arbitration clause when these accounts were created by fraud in the first place. I hope the courts refuse this and allow a class action suit to be created so customers can get relief.

        BTW, has anyone heard anything more about the employee lawsuit that was filed some time ago?

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        • #94
          An interesting update: https://consumerist.com/2016/12/28/w...egal-activity/

          From the article: "Even though Wells Fargo has admitted that bank employees opened millions of fraudulent, unauthorized accounts in customers’ names, the bank has avoided or delayed class-action lawsuits over this fake account fiasco by citing terms in customer contracts that prevent account-holders from bringing lawsuits against Wells. However, one group of customers is arguing that the bank can’t use these contracts to shield itself from being held liable for illegal activity."

          I really like the thinking here: "The plaintiffs contend that if Wells Fargo intended the Consumer Account Agreements (CAA) to allow the bank to act illegally, that 'would void the contract on numerous grounds.' And if these contracts are not intended to cover illegal bank actions, then the arbitration clause can’t be used to shield the bank from liability for fraud.

          In either scenario the arbitration provision in the CAA does not extend to cover the illegal, fraudulent actions of Wells Fargo in the present case,' reads the court filing."

          Hope Wells Fargo loses their case and the Class Action Suit that is sure to follow!

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          • #95
            This really makes me think about pulling my money from my current bank and putting it into a local/regional one...
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            • #96
              That or stuff it in your mattress, it's almost as safe!

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              • #97
                It looks like Wells Fargo lost a whistle blower lawsuit. They have been ordered to pay the plantiff $5.4 million and give him his job back. Wells Fargo plans to appeal.
                This site proves Corey Taylor right. Man really is a "four letter word."

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                • #98
                  From this morning's WASHINGTON POST: Bank officers forfeit their pay - Wells Fargo Claws Back $75 Million - Report: Executives knew of fake accounts in 2002.

                  "Wells Fargo said Monday that two former senior executives, including its longtime chief executive John Stumpf, must forfeit an additional $75 million (US) in compensation after a scathing internal report found that they did too little to rein in the abusive sales practices that have rocked the mega-bank.

                  Stumpf, who stepped down in October, will lose an additional $28 million in bonus money, and the bank is taking $47 million from another former high-ranking executive, Carrie Tolstedt. Stumpf and Tolstedt had already given up $41 million and $19 million in compensation, respectively."

                  Nice to see action being taken, although you know neither will get any jail time for any of this. And it doesn't do much for the rank and file unless they get a cut of this, which I think they should...

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                  • #99
                    So does this thing ever end? How's this for the latest chapter:

                    Wells Fargo Shareholders Say Bank Staff “Rounded Up” Undocumented Workers As Part Of Phony Account Scam
                    https://consumerist.com/2017/04/27/w...-account-scam/
                    Seph
                    Taur10
                    "You're supposed to be the head of covert intelligence. Right now, I'm not seeing a hell of a lot of intelligence. Covert, overt, or otherwise!"-Lochley, B5, A View from the Gallery

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                    • Can't get a break, can they?

                      https://consumerist.com/2017/05/01/s...ng-violations/

                      The gist of this is that Miami finally won its right to sue banks for FHA violations. While this applies to any city and any bank, this started with a lawsuit directed at Bank America, and yep, you guessed, Wells Fargo. Yeah, if I had any money invested in Wells Fargo, I'd be pulling it out right about now.
                      Seph
                      Taur10
                      "You're supposed to be the head of covert intelligence. Right now, I'm not seeing a hell of a lot of intelligence. Covert, overt, or otherwise!"-Lochley, B5, A View from the Gallery

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                      • And a few more items that have come up since this thread was last active:

                        https://consumerist.com/2017/06/15/w...ing-borrowers/

                        https://consumerist.com/2017/07/24/w...-rich-clients/

                        https://consumerist.com/2017/07/28/r...ted-insurance/
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                        • Yeah, I kinda gave up updating considering the flood of things happening. Without checking those links, I think that's just part of what's happened.
                          Seph
                          Taur10
                          "You're supposed to be the head of covert intelligence. Right now, I'm not seeing a hell of a lot of intelligence. Covert, overt, or otherwise!"-Lochley, B5, A View from the Gallery

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                          • I knew about the car insurance one, but I didn't know about the other two.

                            Wow. Wondering if I should suggest to the Mrs. that she change banks...ouch.
                            Skilled programmers aren't cheap. Cheap programmers aren't skilled.

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                            • And the hits keep coming:

                              https://consumerist.com/2017/08/11/w...ll-businesses/

                              I think we've found our poster child for what's wrong with the banking industry.
                              Seph
                              Taur10
                              "You're supposed to be the head of covert intelligence. Right now, I'm not seeing a hell of a lot of intelligence. Covert, overt, or otherwise!"-Lochley, B5, A View from the Gallery

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                              • Holy crap! When do we find out about WF kidnapping children, now?
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