Judge Skewers Wells Fargo at Hearing on Phony-Accounts Scandal
SAN FRANCISCO (CN) — A federal judge Thursday appeared skeptical of Wells Fargo’s claim that its board of directors was unaware of the scope of the phony accounts scandal that already has cost the bank more than $300 million in penalties for the misconduct. Some would say that the judge skewered Wells Fargo!
During a hearing on a motion to dismiss a shareholder class action, U.S. District Judge Jon Tigar appeared to reject arguments that a December 2013 article in the Los Angeles Times could not have put the board on notice about the widespread nature of the bank’s bogus accounts scandal.
“I find it very difficult to read this article and conclude the conduct was geographically limited and not about the unauthorized opening of accounts,” Tigar said.
Wells Fargo attorney Brendan Cullen said one could read the article and conclude the problem was limited to Los Angeles and Orange counties, and there was nothing inherently illegal about the company’s practice of encouraging employees to cross-sell multiple products to customers.
Cullen added that even though former CEO and Chairman of the Board John Stumpf discussed the L.A. Times article with board members at a meeting, it is not known exactly what he said there.
Tigar replied: “I’m having trouble imagining Mr. Stumpf telling the board about the L.A. Times article and saying it’s good news.”
If you are in foreclosure or you have lost your home to foreclosure and you want to sue for mortgage fraud or foreclosure fraud, FRAUD STOPPERS PMA can help you save time and money, and increase your odds of success, with a court ready Quiet Title or Wrongful Foreclosure lawsuit package. If you have received a Notice of Default (NOD) or a Foreclosure Notice (Foreclosure Complaint) and you want to know how to respond to the Notice of Default (NOD) or a Foreclosure Notice (Foreclosure Complaint) call FRAUD STOPPERS PMA today because our prove system can help you fight to save your home from foreclosure fraud and/or mortgage fraud. Our court ready Quiet Title Lawsuit Package or Wrongful Foreclosure Lawsuit Packages includes a turnkey complaint (petition for damages), Bloomberg Securitization Audit, Expert Witness Affidavit, Application for Temporary Restraining Order (to stop a foreclosure sale or stop an eviction), Lis Pendens (to cloud the marketability of the title to the real property), and Pro Se education material that can show you how to win a Quiet Title Lawsuit or win a Wrongful Foreclosure Lawsuit. This entire court ready Quiet Title Lawsuit Package or Wrongful Foreclosure Lawsuit Package is only $1495 and can help you save thousands of dollars in legal fees and help you increase your odds of success. For payment options or more information on this court ready Quiet Title Lawsuit Package or Wrongful Foreclosure Lawsuit Package please contact FRAUD STOPPERS PMA today at 844.372.8378 or open a case file for a Free Mortgage Fraud Analysis and Bloomberg Securitization Search to see if your current mortgage loan situation qualifies for a Quiet Title or Wrongful Foreclosure lawsuit here: https://fraudstoppers.org/free-mortgage-fraud-analysis/
For information on foreclosure defense call us at 844-372-8378. We offer litigation support, admissible evidence, expert witness testimony, education, training, and support in all 50 states to attorneys and pro se homeowners.
Feel free to connect with us . . .
Address: 332 S Michigan Avenue Suite 1032 #F513 Chicago IL 60604-4434 Phone: 844-372-8378
Legal Information Is Not Legal Advice: This site provides “information” about the law and is only designed to help users safely cope with their own legal needs. But legal information is not the same as legal advice — the application of law to an individual’s specific circumstances. THIS SITE IS NOT INTENDED TO BE MISCONSTRUED AS LEGAL ADVICE. Fraud Stoppers is NOT a law firm, non-profit organization, or government agency. Register for your Free Mortgage Fraud Analysis and Securitization Search, and get Free Foreclosure Defense Help and Free Foreclosure Defense Documents that you can use to stop a foreclosure and save your house.