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.
image: Gary Cameron Reuters