by Jeff Sovern
Here is the report in the NY Times (behind a paywall). Wells filed its arbitration motion on Wednesday, the day before Thanksgiving. So Wells is using a secret system for adjudicating claims, agreed to by consumers who didn't understand what arbitration clauses mean, and invoked it at a time when people are less likely to be focused on news. So much for former CEO John Stumpf's pledge to make things right. The fact that arbitration is usually private means that the country may never learn whether Wells Fargo fully compensates injured consumers.