And another one - no surprise.
https://www.reuters.com/business/finance/wells-fargo-must-face-shareholder-lawsuit-over-compliance-with-consent-orders-2021-09-30/
8 replies (most recent on top)
What a weak PR response. Tim Sloan has better PR people than Wells Fargo.
Derivative shareholder suits seldom succeed, though I suspect California laws are more favorable to them than the Delaware ones.
Let's be honest. How did the account scandal benefit Wells Fargo? Many of these accounts were closed 30 days after opening so the crooks who did it would get their bonuses padded.
I don't see how it helped profits since those stolen bonus payments drove up compensation costs.
Everyone who padded their bonuses down to the lowest level employee should have been criminally charged.
Sue the schitt out of them! Take em to the cleaners!
Disappointed to see the claims against Charlie were dismissed. As for the S-L-O-O-O-W progress made on the reg issues, that seems to fall largely in Charlie's lap.
So this lawsuit basically agrees with the main theme of this board: executives keep lying about fixing the bank and are only in it to cash in!
@nzm+1d5WFXz5 They weren't good enough to get the case dismissed.
I hope we have a good legal department.