Former Wells Fargo employees file $2.6 billion suit over scam - NY Daily News: "Wells Fargo’s spiraling “sandbagging” scam might get a lot more expensive for the nation’s biggest bank.
Two former employees filed a $2.6 billion class action lawsuit last week accusing the bank of demoting or ousting workers who failed to meet “unrealistic quotas” that drove other employees to rip off customers.
“Wells Fargo knew that their unreasonable quotas were driving these unethical behaviors that were used to fraudulently increase their stock price and benefit the CEO at the expense of the low level employees,” the suit says.
The lawsuit, filed Thursday in California Superior Court in Los Angeles County, says the bank pressured workers to open 10 accounts daily and punished those who fell short. It accuses Wells Fargo of wrongful termination, unlawful business practice and failure to pay wages and overtime."
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