It’s been about a year since the Wells Fargo & Co. scandal unraveled, with the bank admitting that employees created millions of customer accounts without permission. Sloan was even questioned about whether he was fit to lead the reforms, given his 30-year tenure at Wells Fargo, including a stint as chief financial officer when unauthorized accounts were opened. A recent expanded audit showed that the estimated number of unauthorized accounts could be as high as 3.5 million. Arbitration has become a big issue on Capitol Hill after the Wells Fargo scandal. The class-action lawsuits against Wells Fargo were filed nonetheless — and settled by the bank — despite the arbitration clause, amid the heightened media scrutiny prompted by the scandal.

Source: Los Angeles Times October 03, 2017 15:17 UTC