VIDEO: Lawsuit filed against Wells Fargo for 2 million phony accounts


SAN FRANCISCO (KRON/AP) — A Wells Fargo shareholder filed a lawsuit against the company’s officers and directors over 2 million phony accounts and charging unwarranted fees.

William Sarsfield claims Well Fargo’s senior management committed fraud.

Sarsfield is represented by Cotchett, Pitre & McCarthy.

The Consumer Financial Protection Bureau fined the company on Sept.8 for $100 million alleging unlawful sales practices.

This is the largest claim the Bureau has done.

Sarsfield’s attorney Joseph Cotchett, released a statement.

“This case represents a glaring example of a major bank that takes advantage of consumers all in the name of greed – it represents the culture of Wall Street to drive the stock price up in the name of false profits.”

Wells Fargo CEO John Stumpf allegedly said he was “deeply sorry” that the bank did not act sooner.

“I feel accountable and our leadership team feels accountable and we want all our stakeholders to know that,” Stumpf said.

Sen. Elizabeth Warren flatly told Stumpf he should step down.

“You squeezed your employees to the breaking point so they would cheat customers,” she said. “You should resign. You should give back the money you took while the scam was going on.”

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