Do we even know how many lawsuits are currently active against Wells Fargo? I feel as if I'm learning about a new one on a daily basis. And in the majority of cases, we're settling. I guess a good part of layoffs could be prevented if we didn't give people a reason to sue us. Which is a bit too much to ask for, I know.
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Many of my friends call Wells Fargo a fraud bank, the most dishonest bank, a thief bank, etc. I think many people have difficulty trusting this bank (I am so embarrassed). One little incident will trigger them to be very angry and make them want to file a lawsuit. WF's negative reputation and lost credibility create vicious cycles. But look at our current leadership. They are all liars, you can't trust them.
Wells Fargo upsets everybody. I blame it on the leadership. A fish rots from the head down.
Every time WF leadership conducts a criminal act or an unethical practice, they need to layoff employees to compensate for gigantic legal expenses. WF leadership will not sacrifice themselves, but will throw low-level employees under the bus.
They need to pay for the damages, lose customers, lose businesses, pay fines to the regulators, pay high-end wall street lawyers, pay high-end consultants, spend money for media controls, etc. WF has been known as a fake-account bank, and this negative reputation may not go away for a couple of decades.
And more coming because the company su-ks. When you do bad things you get lawsuits.
The problem is that you think people need a reason to sue. We're in a very litigious society and lawyers crawling out of the sewer to find lawsuits.
Almost all large corporations go through the same. The problem is that Wells can't get out from the spotlight or the government and media. I think BAC and JPM just announced large settlements/fines that were barely picked up by the media.
it's called the cost of doing business. Any large company, especially one as big as wells, has lawsuits going on all the time. In most cases they settle because it is quicker and cheaper plus they don't have to admit guilt. also, in most of these cases it is old news and usually communicated st some point in the last, at least the larger ones, and you don't actually hear about it until it happens. Unfortunately given our current reputation, we'll make heaines if someone trips in a branch and sues.
Attorney-client privilege, strictly confidential only to the limited audience.
Wells Fargo will not disclose how many lawsuits they have. That's strictly on a "need-to-know basis" because of the attorney-client privilege. I have a friend who works in the legal department and she said there are many.
WF doesn’t even know. You think we’re sophisticated enough to put a report together on every jurisdiction, district or state in suit type and analyze the Plaintiffs and causes? Seems like some valuable info that could be beneficial. In fact, Sales Practices was sniffed out by reporters in CA due to the high number of cases. We were aware of the cases but we su-k and we all know it.