Keller Rohrback Investigating Unauthorized Accounts at Consumer Banks
Keller Rohrback L.L.P., which over a year ago filed the first class action lawsuit against Wells Fargo Bank, N.A. (NYSE: WFC) for opening unauthorized accounts, announced it is investigating allegations of similar practices at other consumer banks.
While Wells Fargo has been the acknowledged industry leader in aggressive sales tactics, known as “cross-selling,” there is evidence that the high-pressure tactics that led to unauthorized accounts are not unique to Wells Fargo.
During this week’s Senate Committee on Banking, Housing, and Urban Affairs hearing on Wells Fargo, Chairman Richard Shelby said that “a lot of us are worried that perhaps there’s similar goings-on in other banks.”
In addition, federal regulators said they are looking at similar behavior in other banks. “We’ve been looking at these problems in all of the banks and nonbank financial companies,” said Consumer Financial Protection Bureau Director Richard Cordray.
A recent investigation by the National Employment Law Project found that “Wells Fargo is not alone in implementing these policies.” As Shane Larson, legislative director for the Communications Workers of America, told the Los Angeles Times, “We believe it’s an industry-wide problem and it needs to be addressed.”
If a bank opened an unauthorized account in your name and you would like to learn more about your legal rights, please contact attorneys Derek Loeser, Gretchen Freeman Cappio, or Matthew Preusch. Call 800-776-6044 or email .