Wells Fargo comes in for more criticism

Wells Fargo Building

Massachusetts Democratic Senator Elizabeth Warren on Monday criticized Wells Fargo's decision to require customers affected by its unauthorised accounts scandal to go through arbitration rather than allowing them to sue.

Reuters reports that the bank last week asked a U.S. court to uphold contract clauses that mandate arbitration, something financial firms often use to protect against litigation. Wells Fargo's situation is unusual, though, because it opened accounts without customers' permission, calling into question whether the contracts and their clauses are legitimate.

In a Facebook post on Monday, Warren, a frequent critic of the banking industry, said Wells Fargo's promise to treat customers better in light of the scandal is "meaningless" as long as it is pursuing arbitration.

To access the complete Reuters article hit the link below

U.S. lawmaker Warren slams Wells Fargo over arbitration position

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