A former executive at Wells Fargo claims in a lawsuit that the bank fired her because she refused to participate in a scam like the bank’s well-publicized fake account scandal, which led to a $185 million fine after more than 5,000 of the bank’s former employees opened more than 2 million potentially unauthorized accounts to get sales bonuses.
NJ.com has the details:
Melinda Bini, a former assistant vice president and regional private banker at the Highland Park bank’s branch, says in a recent lawsuit that supervisors instructed her to manipulate accounts and sell banking products or investments that were not the customers’ best interest or without their knowledge.
The lawsuit, filed in Middlesex County Superior Court on April 5, names Wells Fargo and three local bank supervisors.
The Franklin Park woman accuses her former superiors in the suit of running or knowing about alleged banking and investment fraud scheme at the local branch.
And after Bini refused to take part in the scheme, she claims she was harassed and eventually fired in retaliation.
It should be noted that Bini’s allegations are merely allegations so far. The bank is not commenting on the lawsuit beyond saying that it “does not tolerate retaliation against team members who report their concern.”
The lawsuit is just the latest in a string of bad headlines in the wake of the fake account fiasco.
Recently, the bank announced that it reached a $110 million settlement in a class action lawsuit brought on behalf of the bank’s customers who had a fake account opened in their name.
Prior to that, the bank revoked the 2016 bonuses for its top executives, clawed back even more money from it top execs, fired four senior managers in February, tossed out another two executives in March and split the role of chairman and CEO.
The company also announced a new pay plan where employee compensation is no longer tied to sales.
And for more on this new lawsuit, click here or below.