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.
0 thoughts on “While Country Focuses on Thanksgiving, Wells Fargo Invokes Arbitration, that Consumers Agreed to Without Understanding, to Block Consumers Injured by Its Fraud From Suing”
I would think that an arbitration clause is limited to disputes about the specific contracted relationship (The accounts they opened with Wells Fargo) and not all disputes of any nature for all perpetuity. How does the arbitration clause apply to contracts they didn’t sign or agree to (fraudulently opened accounts)?