LATEST SENATOR TESTER
(Great Falls, Mont.) - U.S. Senator Jon Tester's high profile grilling of the Wells Fargo CEO has resulted in justice for fraud victims following the bank's scandal involving the opening of more than 3.5 million fake bank accounts for its customers.
During a Senate Banking Committee hearing in October, Tester secured assurances from CEO Tim Sloan that the bank was not requiring victims of Wells Fargo's fraudulent actions to enter into forced arbitration and eliminate their right to sue the bank.
In contradiction to Sloan's testimony to Tester, Wells Fargo was actively attempting to block a class action lawsuit in a federal Utah court by requiring the victims to enter into forced arbitration. As a direct result of Tester's questioning, Wells Fargo on Thursday withdrew its motion to require forced arbitration. Now customers who had fake Wells Fargo accounts opened in their name have the right to sue the bank for its fraudulent actions.
"Wells Fargo must be held accountable," Tester said. "This is a step in the right direction to ensure that victims of fraud are made whole again and I will keep fighting relentlessly for the millions of families that were deliberately lied to and bullied by Wells Fargo so they can receive justice."
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