Wells Fargo Loses Arbitration Bid Over Deceptive Overdraft Fees

Wells Fargo Loses Arbitration Big Over Deceptive Overdraft Fees

Mega-bank Wells Fargo has lost a bid to force multidistrict class action over overdraft fee abuse claims into arbitration. The San Francisco-based bank is dealing with numerous lawsuits accusing it of manipulating debit card purchases to maximize overdraft fee revenue in violation of consumer protection laws. Law360 has reported that “the bank has moved to compel arbitration several times with regard to two cases that originated in Florida and California.” [Read more…]

U.S. Supreme Court Denies Review of Wells Fargo Overdraft Fee Manipulation Case

U.S. Supreme Court Denies Review of Wells Fargo Overdraft Fee Manipulation Case

Over One Million bank customers to finally see payments from 2010 trial victory concerning overdraft fees

San Francisco, CA –April 4, 2016 — The U.S. Supreme Court has declined Wells Fargo’s request to review its 2010 loss at trial, where U.S. District Court Judge William Alsup entered a $203 million judgment against the bank for manipulating debit card purchases to maximize its overdraft fee revenue in violation of California state law. Instead of posting transactions in their naturally occurring, chronological order, Wells Fargo deducted the largest charges first, drawing down available balances more rapidly and triggering a higher volume of overdraft fees. [Read more…]