Mark Mason
Well-known member
Wells Fargo’s Malfeasance Makes Case for Decentralized and Trustless Bank Alternative
Wells Fargo is being sued by a former employee who alleges that Wells Fargo deliberately choose to shut down the accounts of those whom complained of fraud rather than properly investigate claims “under the pretext of a ‘business decision'”.
Matthew Valles is the former employee bringing suit and also claims that he was wrongfully “fired in retaliation for his complaints about ‘hundreds’ of mishandled cases”. A bank is required by law to investigate customers’ claims of fraud, but Valles alleges that there was an “internal culture whose ‘directive’ was to ‘meet Wells Fargo’s metrics at all costs'”. These actions left customers having to absorb the costs of fraud themselves rather than the bank.
This accusation adds to Wells Fargo’s previous misbehavior of opening accounts for customers without their permission. Wells Fargo had to pay $110 million USD in a class action lawsuit and $185 million USD to the federal and Californian governments. They were also recently punished by the Federal Reserve with sanctions that restrict their growth until Wells Fargo fixes their problems.
Read more: https://www.dashforcenews.com/wells...decentralized-and-trustless-bank-alternative/
Wells Fargo is being sued by a former employee who alleges that Wells Fargo deliberately choose to shut down the accounts of those whom complained of fraud rather than properly investigate claims “under the pretext of a ‘business decision'”.
Matthew Valles is the former employee bringing suit and also claims that he was wrongfully “fired in retaliation for his complaints about ‘hundreds’ of mishandled cases”. A bank is required by law to investigate customers’ claims of fraud, but Valles alleges that there was an “internal culture whose ‘directive’ was to ‘meet Wells Fargo’s metrics at all costs'”. These actions left customers having to absorb the costs of fraud themselves rather than the bank.
This accusation adds to Wells Fargo’s previous misbehavior of opening accounts for customers without their permission. Wells Fargo had to pay $110 million USD in a class action lawsuit and $185 million USD to the federal and Californian governments. They were also recently punished by the Federal Reserve with sanctions that restrict their growth until Wells Fargo fixes their problems.
Read more: https://www.dashforcenews.com/wells...decentralized-and-trustless-bank-alternative/