Do you have an account with Wells Fargo? Did Wells Fargo open an additional account under your name without your knowledge? Did Wells Fargo convert one of your accounts into a high-fee account without your authorization? If so, you may have a claim against Wells Fargo.
Wells Fargo Bank was recently fined $185 million in civil penalties by the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, and the city of Los Angeles for its employees’ practice of converting customers’ accounts into ones with greater fees or simply opening unauthorized new accounts, all without the knowledge or consent of their customers and all so Wells Fargo could allegedly increase its bottom line.
Such activities are actionable, and the fines imposed by federal, state, and local regulators are merely the first step in holding Wells Fargo accountable for its wrongful behavior. Indeed, recently-filed lawsuits in Utah and California allege claims against Wells Fargo for unjust enrichment, breaches of its contractual duties, and misappropriation of property, among other statutory claims.
Attorneys at Finkelstein, Blankinship, Frei-Pearson & Garber, LLP have successfully brought lawsuits on behalf of consumers aggrieved by the wrongful acts of banks they have entrusted with their accounts. We are currently investigating this matter, as well as claims against other banks that may have inflated sales and revenue by opening and converting accounts without customer authorization. If you are a Wells Fargo customer who had an account converted into a high fee account without your authorization or had an account opened without your knowledge, please contact us immediately to discuss your legal options.