City Of Los Angeles Sues Wells Fargo Bank Over 'Fraudulent Conduct'

The Los Angeles Times reports that the suit was filed Monday under an unfair-business-practices law that permits attorneys representing large California cities to seek redress for customers throughout the state.

City Attorney Mike Feuer says the California-based bank encouraged its employees to engage "fraudulent conduct" through a culture of high-pressure sales.

In a statement, the bank said it would vigorously defend itself against the allegations.

The lawsuit seeks penalties of up to $2,500 for every violation and restitution for customers who were harmed.

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