According to a published report by Bloomberg staffer Suzanne Woolley today, Oct. 16, 2016, Wells Fargo customers have "lodged countless complaints" about Wells Fargo & Co. employees opening up sham accounts in their names.
In addition, Wells Fargo has been fined a record $185 million by the Consumer Protection Bureau, resulting in a 12-percent drop in the company's stock. In a published report by Jacklyn Willie, the Bloomberg staffer, an alleged illegal "cross selling scheme" on the part of bank employees a class-action lawsuit has been leveled against the bank: Allen v. Wells Fargo, D. Minn., No. 0:16-cv-03405, filed on Oct. 7, 2016.
Wille reported that the new lawsuit claims the bank permitted its workers to continue re-investing retirement savings in the company's stock, despite being aware that stock prices were being artificially inflated due to the cross-selling scheme.
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