Wells Fargo's CEO told Congress that he wouldn't enforce binding arbitration, so Wells is getting sued in Utah

A class action suit by some of the 3,500,000+ Wells Fargo customers defrauded in the company's fake account scam was foundering in Utah, thanks to the company's insistence that its binding arbitration clauses also applied to the accounts it fraudulently opened (that is, by agreeing not to sue the company for defrauding you over the accounts you opened, you were also agreeing not to sue them if it opened a bunch more accounts and forged your signature on the papers). Read the rest

Wells Fargo's new CEO previously denied that the bank's sales culture had any problems

Yesterday, Wells Fargo CEO John Stumpf announced his "early retirement" from the scandal-haunted company, with the CEO seat being filled by former COO Tim Sloan. Read the rest