Wells Fargo to Remove Some Restrictions in Customer Arbitration Agreements
From the Desk of Jim Eccleston at Eccleston Law LLC:
Wells Fargo CEO Charles Scharf announced to senators that the bank intends to remove “confidentiality restrictions in all types of customer arbitration agreements that have them, thereby increasing the transparency of the arbitration process.” Furthermore, Scharf stated that the bank plans to update its customer arbitration agreements in order to reimburse filing fees in cases where the customer prevails so that the costs of arbitration do not dissuade customers from filing disputes. The changes come after Wells Fargo halted the use of mandatory arbitration for employee claims of sexual harassment last year.
Additionally, and in response to regulatory pressure, Wells Fargo has drastically changed its leadership since 2019. In fact, the bank has added a new chief operating officer, chief financial officer, chief compliance officer, general counsel, head of operations and head of wealth management since Q4 2019.
Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.
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