Wells Fargo: Wanting to Appear Contrite, While Just Doing More Fraud
The insistence by Wells Fargo that the victims of its bogus account-opening scandal seek redress via arbitration, rather than in court, remains the best indication that the bank’s promise to “make things right” for those customers is fake.
We’ve pointed out before that big companies like Wells Fargo love to force customers into arbitration because the companies are heavily favored in the process. They’re repeat players, so they have familiarity with the system.
They can stick customers with half the cost of arbitration, even if the customers win, increasing the customers’ risk. And they can bar customers from filing class actions, which for a corporation is a big plus.
A new study shows just how advantageous arbitration has been for Wells Fargo. Short answer: For the bank, it’s been great. . . .
To read the rest click here. You can also see the study below.