WASHINGTON/SAN FRANCISCO–A coalition of consumer groups has launched a national campaign targeting Wells Fargo Bank over what they are calling “illegal practices” it said are related to what it alleges is the denial to customers and employees of their constitutional rights under the Seventh Amendment.
The Seventh Amendment holds businesses that engage in illegal practices accountable in a court of law.
Among the organizations involved in the effort are the National Consumers League; Consumers for Auto Reliability and Safety Foundation and Consumer Action, as well as law firms involved in suits against the bank over a widespread scheme that involved opening more than two-million bogus accounts in order to meet aggressive sales targets.
The organizations have sent a letter to Wells Fargo CEO Timothy Sloan calling on the bank to cease imposing forced arbitration on its customers and workers.
The National Consumers League said it plans to close a $1.8-million account with Wells Fargo and will move it to an unnamed institution it said that does not impose forced arbitration on its customers or employees.