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California closes the door on Wells Fargo's closed-door tack

California passes law that blocks arbitration as a way for firms to keep customer complaints under wraps

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Regulators fined Wells Fargo US$185 million last year over its widespread practice of opening current and credit accounts without customers' authorisation to meet aggressive sales goals.

New York

WELLS Fargo & Co's home state of California has passed a law aimed at curtailing the bank's use of closed-door arbitration to shroud complaints from aggrieved customers affected by its scandals.

Governor Jerry Brown signed a measure...

sentifi.com

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