Los Angeles Suing Wells Fargo for Fraud
The city of Los Angeles is suing Wells Fargo for allegedly committing fraud and taking advantage of its customers, CNBC is reporting.
According to the news site, the court papers filed by the LA city attorney suggest that the bank participated in “unlawful and fraudulent” conduct that was first uncovered by the Los Angeles Times in 2013. As the suit alleges, Wells Fargo employees would open unnecessary accounts and credit lines for unsuspecting customers without their consent – helping sales people to meet their monthly quotas.
“Wells Fargo’s culture is focused on the best interest of its customers and creating a supportive, caring and ethical environment for our team members,” the bank said in a statement. “That includes training, audits and processes that work together to support our Vision & Values and our commitment to customers receiving only the products and services they need and will benefit from.”
Image via flickr/Mike Mozart