December 21, 2017 / 1:14 AM / a year ago

Judge in Wells Fargo lawsuit to focus first on arbitration-waiver claims

The federal judge overseeing a proposed class action over Wells Fargo’s practice of opening unauthorized accounts ruled on Tuesday that his first order of business will be to consider whether statements the bank’s chief executive made to a congressional committee waived the bank’s right to compel arbitration.

U.S. District Judge Clark Waddoups in Salt Lake City scheduled a two-day summary trial for Jan. 22 solely on the question of whether CEO Timothy Sloan intentionally waived arbitration of the plaintiffs’ claims by telling the U.S. Senate Banking Committee at an Oct. 3 hearing that the bank is no longer seeking to compel arbitration of unauthorized-account lawsuits. Waddoups also said the plaintiffs can depose Sloan, but only on the waiver question.

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