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On September 7, 2016, after the market closed, the Consumer Financial Protection Bureau ("CFPB") announced that it had fined Wells Fargo a record $100 million for the widespread illegal practice of secretly opening unauthorized deposit and credit card accounts, citing the Company's own estimate that its employees had opened more than two million unauthorized accounts since 2011. In addition to the CFPB fine, Wells Fargo agreed to pay $35 million to the Office of the Comptroller of the Currency and $50 million to the City and County of Los Angeles.
On September 12, 2016, after the market closed, the U.S. Senate Committee on Banking, Housing, and Urban Affairs announced that it will hold a hearing to further explore charges that thousands of the bank's employees secretly opened accounts and enrolled customers in services without their consent.
On September 13, 2016, Wells Fargo announced that it will eliminate all product sales goals in its retail banking operations. On this news, Wells Fargo stock fell $1.58, or 3.26%, to close at $46.96 on September 13, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
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SOURCE Pomerantz LLP