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Six former Wells Fargo employees filed a class action lawsuit in federal court against the bank claiming they were demoted or fired when they refused to participate in the bank’s illegal practices of opening fake accounts.

The lawsuit is the just the latest of allegations surrounding fraudulent practices which have mostly revolved around the alleged creation of more than 2 million secret, unauthorized bank accounts. Plaintiffs are seeking $7.2 billion or more in damages.

The federal class-action lawsuit filed in Los Angeles federal court on Monday claims that Wells Fargo violated several laws, including Dodd-Frank and the section of Sarbanes-Oxley that prohibits retaliation against whistleblowers. The suit also says the bank made employees work beyond eight hours a day without paying overtime, violating the Fair Labor Standards Act.

[RT]

image: Gary Cameron Reuters