Wells Fargo and Company (WFC)

[ChannelTrader]

Foreign news: Wells Fargo class action launched
NEWSBITES 12:01 AM ET 9/26/2016
Symbol Last Price Change
WFC 44.88 -0.86 (-1.88%)
QUOTES AS OF 04:00:32 PM ET 09/26/2016
BANKING DAY NEWS BITES

The crisis at US bank Wells Fargo(WFC) over the opening of millions of unauthorised accounts has deepened, with two former staff members launching a class action in California seeking US$2.6 billion on behalf of workers who did not cheat and were penalised for failing to meet sales quotas. Reuters reports that the claimants are seeking compensation for employees and former employees who were demoted, forced to resign or were sacked because they followed the rules and could not meet unrealistic quotas. Wells Fargo(WFC) opened as many as two million accounts without the knowledge or permission of affected customers.

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