Thursday, December 8, 2016

Wells Fargo headline news: Legislative branch got all huffy; will judicial branch go puffy?

If anything, the House lawmakers who interrogated John G. Stumpf, the chief executive of Wells Fargo, were even angrier and more hostile than their Senate counterparts who questioned him last week, before either of those steps had been taken. One by one, Democrats and Republicans alike took turns ripping apart Mr. Stumpf and what took place at the bank he leads.

Has Congress moved onto new, fresher outrages?  In arbitration, consumers often find the odds are stacked against them. The arbitration clauses prevent consumers from banding together to file a lawsuit as a class, forcing them instead to hash out their disputes one by one and blunting one of most powerful tools that Americans have in challenging harmful and deceitful practices by big companies..   

Does the right hand know what the left hand is doing?

In some cases, yes.  

Rep. Brad Sherman (R-CA) introduced H.R.6423 Justice for Victims of Fraud Act 2016, which allows defrauded Wells Fargo customers to have their cases heard in court and not through forced arbitration.  The bill has 10 co-sponsors, all Democrats.

 Related post:
The two faces of John Stumpf.  (9/10/2016)

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