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Wells Fargo shareholder lawsuit can proceed, judge rules
Key Excerpts from Article on Website of San Francisco Chronicle (San Francisco's leading newspaper)
Posted: October 9th, 2017
http://www.sfgate.com/business/article/Wells-Fargo-sharehold...
Wells Fargo & Co. executives and directors accused of steering the bank into the worst scandal of its modern history were ordered to defend a lawsuit accusing them of profiting from the creation of millions of fake customer accounts. A San Francisco federal judge ruled this week that shareholders can proceed with a suit alleging the companys top brass repeatedly and brazenly failed to serve Wells Fargos best interests. He found the complaint properly laid out evidence showing that executives and directors made false statements about the scheme in the banks filings to the Securities and Exchange Commission. The ruling came a day after Sen. Elizabeth Warren ... attacked Wells Fargo Chief Executive Officer Tim Sloan while he testified before Congress. You should be fired, Warren said. You enabled this fake account scam, you got rich off it, and you tried to cover it up. Last month, U.S. District Judge Jon Tigar ... dismissed insider trading claims under California law against Sloan and Wells Fargo Chief Risk Officer Michael Loughlin, as well as former CEO John Stumpf and former head of community banking Carrie Tolstedt. An independent probe commissioned by the bank concluded in April that senior bank managers failed to heed warnings of spreading sales abuses for more than a decade, treating thousands of fired employees as rogues, and then downplayed the mounting terminations as the board began raising questions.
Note: Read more about the massive fraud perpetrated by Wells Fargo. Steve Glazer, chairman of the California Senate Banking and Financial Institutions Committee, recently compared this bank's actions with the behavior of Enron when its culture of corruption initially came to light. For more along these lines, see concise summaries of deeply revealing banking corruption news articles from reliable major media sources.
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