Tag Archives: Wells Fargo

Wells Fargo & Co. signage is displayed outside a bank branch in Dallas, Texas, U.S., on Monday, July 10, 2017. Wells Fargo & Co. is scheduled to release earnings figures on July 14. Photographer: Cooper Neill/Bloomberg

Wells Fargo Accounts Settlement in Question as Victims Swell

Wells Fargo Accounts Settlement in Question as Victims Swell

By Kartikay Mehrotra and Laura J. Keller, Bloomberg News Wells Fargo & Co.’s disclosure Thursday that employees may have opened significantly more unauthorized accounts than previously stated could jeopardize a $142 million class-action settlement with customers that won preliminary approval from a judge in July. The scandal that helped hasten the lawsuit came to light

Wells Fargo & Co. signage is displayed on the exterior of a bank branch in Dallas, Texas, U.S., on Monday, July 10, 2017. Wells Fargo & Co. is scheduled to release earnings figures on July 14. Photographer: Cooper Neill/Bloomberg

Wells Fargo Boosts Fake-Account Estimate 67% to 3.5 Million 

By Laura J. Keller, Bloomberg News Wells Fargo & Co. raised its estimate for how many bogus accounts employees may have created, a sign the bank is still struggling to move past a scandal that sparked record fines and congressional investigations. An outside review into more than 165 million deposit and credit-card accounts found an

Photographer: Scott Eells/Bloomberg

Wells Fargo Scandal Helps Consumer Advocates in CFPB Rule Fight

By Sara Merken, Bloomberg BNA Wells Fargo’s latest scandal is providing consumer groups new ammunition as they try to save a Consumer Financial Protection Bureau rule banning companies from using mandatory arbitration clauses. Disclosures last month that the bank may have billed as many as 500,000 customers for unneeded auto insurance is just the latest

Photographer: Scott Eells/Bloomberg

Wells Fargo Breaks Sharply With Industry as Its Legal Risk Rises

By Laura J. Keller, Bloomberg News Wells Fargo & Co. is signaling like never before that legal costs might surge, just as U.S. rivals say they’re exiting an era of probes and litigation that cut profits for years. On Friday, Wells Fargo provided a quarterly list of inquiries and lawsuits it faces, and updated an

Photographer: Scott Eells/Bloomberg

Wells Fargo Customers Sue Claiming Insurance Scheme Was Scam

By Laura J. Keller and Margaret Cronin Fisk, Bloomberg News Wells Fargo & Co. customers accused the bank in a lawsuit of forcing them to pay for unnecessary auto insurance that drove some of them so far into a financial spiral that their vehicles were repossessed. The complaint comes after a year of handwringing and

Photographer: Victor J. Blue/Bloomberg

Wells Fargo Lawyer Who Released Client Information Wants It Back

By Laura J. Keller, Bloomberg News Wells Fargo & Co.’s attorney who mistakenly released reams of sensitive data about wealthy clients asked a judge to order the records returned to the bank and they not be spread any further, after being leaked to a newspaper. Lawyers representing Gary Sinderbrand, a former Wells Fargo financial adviser,

Photographer: Scott Eells/Bloomberg

Wells Fargo Said to Get Regulatory Questions After Breach

By Laura J. Keller, Bloomberg News Wells Fargo & Co., already in the regulatory spotlight because of last year’s fake-account scandal, is drawing renewed scrutiny after a lawyer’s unauthorized release of sensitive client details for tens of thousands of accounts belonging to wealthy customers of its brokerage unit. Regulators have started asking questions about the

Photographer: Scott Eells/Bloomberg

Wells Fargo Wins Approval of $50 Million Accord Over Broker Fees

By Erik Larson and Laura J. Keller, Bloomberg News Wells Fargo & Co. agreed to pay $50 million to settle a class-action lawsuit by almost 300,000 homeowners who claimed they paid inflated fees for a broker service required on delinquent mortgages at risk of foreclosure. The deal won final approval on April 11 by U.S.

Lobby of Wells Fargo office at 150 E 42nd St, New York, NY. Photo by Josh Block

Independent Report Finds Wells Fargo Lawyers at Fault (Audio)

  Last week Big Law Business’s Gabe Friedman reported on Shearman & Sterling’s investigation into the Wells Fargo sales scandal. Earlier today, he discussed the story, which found that the bank’s legal department focused too much on cost-containment, and made the scandal worse. Gabe speaks on Bloomberg Radio’s “Bloomberg Law.”   https://assets.bwbx.io/av/users/iqjWHBFdfxIU/vVm8nbdJOAmc/v2.mp3   Subscribe to the

Creighton Condon, senior partner and global leader of the sports group for Shearman & Sterling LLP, speaks at the Bloomberg Sports Business Summit in New York, U.S., on Thursday, Sept. 4, 2014. Condon discussed the growth strategies in "mega" sports markets during a panel. Photographer: Peter Foley/Bloomberg *** Local Caption *** Creighton Condon

Wells Fargo Lawyers Were Too Cost Focused, Report Says

After taking six months to investigate how Wells Fargo became enveloped in an abusive sales scandal, Shearman & Sterling has produced a 113-page report that lays into the legal department for missing the big picture and focusing too much on cost-containment. Released on Monday,the report (PDF) was commissioned by the board of directors, which in

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