https://www.msn.com/en-us/money/companies/wells-fargo-nears-deal-around-dollar3-billion-to-end-probes/ar-BB10dR98
6 replies (most recent on top)
Post ID: @ane+13Crrjdg. I was afffected but never notified formally of the lawsuit. It wasn’t until I went to clean out an old email that I found notification about lawsuit but by then it was too late to file my claim. Wells Fargo or lawyers didn’t make any other attempt (mail or phone) to contact me. I feel cheated, now, twice by Wells Fargo and disgusted they stooped to such actions to exclude me from the lawsuit.
Anyone who defends WF is an id–t. The 2nd poster got it right.
Stop whitewashing what has occurred. Stop trusting that WF has done everything possible. That's NOT the case.
I was one of people who worked on trying to make things right on behalf of WF and WF dodged every possible remediation it could. We fought to do the right thing, while WF fought to do all the wrong things. Absolutely no contrition or earnest resolution – only regret at getting caught and making sure they will hide their sins better next time.
WF is appallingly corrupt and unethical. It's disappointing how many WF employees defend this cesspool of deceipt.
Delusion on a grand scale.
Yes, actually affected customers were identified and made whole. Is it 100%? No, some customers couldn’t be found, some had died etc.
The bank paid an outside firm to facilitate the whole thing in late 2016 and 2017, it was a huge project and a lot of people in my area got pulled to work on the project, and others in the division were assigned to try to contact customers and figure out restitution. Just because you don’t know about it, doesnt mean it didn’t happen. And just because there is history of bad management doesn’t mean that tons of people didn’t rally and do the right things, don’t whitewash that either.
These comments are not about employees. So far, some lawsuits have forced the bank to rehire people, but are people getting payments for stress? Probably not.
There were employees who were pressured to do crimes and then blacklisted.
Thousands of people missed rent/mortgage/power/babysitter payments because one fake account charged another fake account.
I could go on and on about the actual financial harm that was done, and the ripple effect that harm caused.
Don't whitewash this. And this started in 2002 and didn't end until 2016, there's no way they made everyone whole.
To my knowledge customers charged fees for fraudulent accounts were made whole a couple years ago. People who had fake accounts opened but were never charged a fee are certainly fraud victims, but the lack of financial harm in dollars is why the bank ignored it for so long and was too slow to clean up. What is fair compensation for an account being opened in your name if you never had a monetary loss? I dunno.
These are fines, but basically it amounts WF returning its tax cut to the govt, give or take a couple billion. $3B is about half of one quarter net profit.
Just Astronomical amounts of money. I certainly don't condone what they did, but is there any breakdown on what the actual consumer level financial impact of opening these accounts was? It just seems like if WFC is going to be paying out that much money some of it should go to impacted customers...