Securities Fraud Lawyers Blog
We all remember that nastiness about Wells Fargo, right? You know, that little PR debacle where it turned out that, due to unrealistic sales initiatives, Wells Fargo employees initiated accounts fraud against millions of consumers.
After the story broke, Wells Fargo lost a major vote of consumer confidence. The following weeks saw many customers closing accounts and executives getting raked over the coals, culminating in the resignation of the CEO and a large scale termination of employees who had participated in accounts fraud.
Finally, it seemed the dust had settled. The banking giant was ordered to pay out $190 million in federal fines and reparations to affected consumers. The bank also promised a change to corporate culture and initiatives, announcing an end to aggressive sales goals.