Just this week, Rep. Brad Sherman (D) reintroduced a bill that was crafted last year, which would allow for customers to sue Wells Fargo over fake accounts that were created in their name. Specifically, the bill would allow for the complaints of the customers to be heard in an open court.

Since the bank was found guilty of the wrongful activity in setting up false accounts, they've agreed to pay $185 million in fines for their actions. It is estimated that the bank set up roughly 2 million accounts or more, and while some customers have had various fees refunded to them, a great deal still want to sue the bank; the courts haven't operated in their favor.

As it currently stands, customers must go through arbitration methods rather than an open court, in order to settle their dispute.

This is all thanks to some fine print that is included in the portion of the contract that is signed with the bank when any account is opened. Lets not forget though, about the allegations that many of those accounts were opened without proper authorization. But if this new bill gets passed, then it would make it so that any account that was opened without the legitimate authorization of the customer, would have their arbitration clause voided.

It would amend two federal banking laws.

Aside from this bill that was put forth by Sherman, there is another one that matches it which is in the Senate and that was sponsored by Sen. Sharrod Brown (D), and it's known as the Justice for Victims of Fraud Act. If those customers didn't give the legitimate authorization for those accounts to be open, then they shouldn't be held accountable to conditions in a contract which they never signed or authorized.

A number of those that were impacted by the fraudulent accounts being opened in their name at Wells Fargo, have gone ahead with trying to initiate class action lawsuits. But it's alleged that Wells Fargo has been trying to push them in another direction; the route of arbitration. Yet those customers who got taken advantage of are convinced that they will only see justice in an open court, not through arbitration.

Banner thanks to @son-of-satire

Pics:

RT

Sources:

http://www.latimes.com/business/la-fi-sherman-arbitration-20170307-story.html

http://money.cnn.com/2016/09/08/investing/wells-fargo-created-phony-accounts-bank-fees/

http://www.theverge.com/2016/9/9/12859740/wells-fargo-fake-account-scam-fine

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