October 12, 2017 / 3:13 AM / 8 months ago

Wells Fargo's CEO waived arbitration, lawyers suing bank say

Wells Fargo should not be allowed to compel arbitration of a lawsuit over the bank’s practice of opening unauthorized accounts because its chief executive expressly waived arbitration at a recent congressional hearing, lawyers for consumers suing the bank said.

In a motion on Monday in a Utah federal court, plaintiffs’ lawyers at Christensen Young & Associates said Wells Fargo CEO Timothy Sloan waived arbitration “multiple” times during his Oct. 3 testimony to the U.S. Senate Banking Committee hearing looking into the growing scandal over the unauthorized accounts, and his remarks are binding on the bank because he was speaking in his capacity as CEO.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2yEQ2Og

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