California law makers approves bill to stop arbitration used by banks over Wells Fargo bank fraud
The California Legislature has approved a bill aimed at stopping banks from using arbitration clauses to shield themselves from lawsuits over sham accounts — a direct response to the Wells Fargo scandal.
Senate Bill 33 passed the state Assembly on Tuesday and was approved by the Senate on Wednesday. It now is on its way to Governor Jerry Brown’s desk for signing. If this bill is signed into CA State law, financial institutions and banks will certainly challenge it, arguing it stands in opposition to a federal law that favors arbitration and has been used to prevent states from weakening or disregarding arbitration agreements.
The bill was authored by Sen. Bill Dodd (D-Napa) and sponsored by State Treasurer John Chiang, the legislation was intended to stop a favorit legal tactic used by Wells Fargo and other banks to successfully to keep disputes over unauthorized accounts out of public court proceedings.
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