ONTARIO, Calif.–A law firm said it is seeking to represent customers of Wells Fargo and JPMorgan Chase as part of a class action that alleges the two big banks “improperly and illegally” charged customers overdraft fees on debit card transactions while at the same time using arbitration clauses to prevent customers from bringing claims.
The firm, McCune Wright Arevalo (MWA), which earlier obtained a $203-million class action verdict against Wells Fargo related to its overdraft practices, said in announcing its plans for additional litigation that in “recent years, financial institutions have widely adopted the use of arbitration clauses that unfairly revoke the customer's right to bring a class action lawsuit against the bank in a court of law.
“Customers are instead forced to bring their claims of allegedly unfairly charged overdraft fees through arbitration as a single claim,” the firm continued. “Many wronged consumers find arbitration overwhelming and, therefore, drop their claims. That is what most banks count on in enforcing arbitration clauses,” MWA continued. “Chase and Wells Fargo are two such institutions that have utilized arbitration clauses to attempt to prevent customers from bringing overdraft claims against them.
MWA has promised to represent qualified clients in their overdraft fee arbitrations against Chase bank and Wells Fargo at no cost to the customer.”
‘Underhanded’ Treatment
Added MWA Founding Partner Richard McCune, "We believe arbitration clauses are just one of the underhanded ways corporations try to weasel out of being held accountable for their unfair or illegal practices. Every customer's money and time is valuable, no matter how few overdraft fees. It all works toward holding these institutions responsible. That's why we don't charge a penny to our clients. If we win for our client in arbitration, we will look to the bank to pay our fees and costs instead of our client. If we lose, we get nothing. We believe in these cases."
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