Seattle Suspends Business Relationship with Wells Fargo over Fraud Allegations; KR Investigates Similar Practices
Citing a “betrayal of public trust,” Mayor Ed Murray announced that the City of Seattle, which has a 17-year old relationship with Wells Fargo, will no longer work with the bank on a $100 million bond financing Seattle City Light. Murray explained: “we were extremely disappointed to hear of the alleged unethical and likely illegal conduct that Wells Fargo has acknowledged engaging in; the people of Seattle expect far better from the City’s business partners,” referring to the bank’s practice of opening accounts in their customers’ names without their knowledge or approval. Seattle is not alone in its stand against Wells Fargo. Within the past two weeks, California State Treasurer John Chian and Illinois State Treasurer Michael Frerichs announced that their states would be suspending many of their financial and business relationships with the company.
Keller Rohrback L.L.P., which over a year ago filed the first consumer class action lawsuit against Wells Fargo Bank, N.A. for opening unauthorized accounts, has begun investigating similar practices at other consumer banks. If a bank has 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 firstname.lastname@example.org.