Wells Fargo Trying To Push Mandatory Arbitration To Negate Fake Account Law Suits

[WhatInThe]

Wells Fargo is trying to keep the fake accounts scandal out of the court system by enforcing the mandatory arbitration clause in customer agreements.

http://www.bizjournals.com/orlando/...th-warren-shames-wells-fargo-for-forcing.html

To me since this isn't just a dispute but in effect a criminal matter which should make those arbitration clauses a moot point.

 

[Carla]

I guess this is an attempt to settle out of court. I am thinking that criminal charges would be a separate issue filed by the government? I guess the attorneys will advise those who had these accounts opened in their names. What a mess that must be.

 

[Ray]

We often hear about the evil deeds done by Presidents (usually Republicans) in deregulating portions of the banking industry. But, as this case illustrates, you can have all the laws in the world but if enforcement isn't swift and severe, what is the point?

Jail time would do more for the banking industry than all the words the pols can think of to write.