Wells Fargo Seeks Arbitration Following Consumer Lawsuits
Wells Fargo seeks arbitration for cases stemming from its phony account scandal, and that could be good for the bank.
Wells Fargo (WFC) - Get Report has filed court papers demanding arbitration to settle lawsuits filed by 80 customers over its phony accounts scandal. Susan Antilla, a contributor with TheStreet, writes that Wells Fargo has done well in previous arbitration cases, prevailing in 28 consumer-initiated disputes decided by arbitrators since the summer of 2012. For consumers, there's little upside according to Antilla. Wells Fargo had previous been fined over the creation of as many as 2 million phony accounts that were created without customers' permission. Wells Fargo filed a motion seeking arbitration in late November.
