In the first legal action brought by fired employees of America's largest mortgage lender and Warren Buffett's favorite bank - about whose criminal activity he was vowed not to say a word until after the election to avoid bringing attention to Hillary's hypocrisy of slamming Wells' illegal tactics even as she accepts support and money from Wells' biggest shareholder - two former Wells Fargo employees filed a class action in California seeking $2.6 billion from managers who fueled the creation of fake accounts on behalf of workers who tried to meet aggressive sales quotas without engaging in fraud, and were then demoted, forced to resign or fired.
The lawsuit (Polonsky v. Wells Fargo Bank & Co., BC634475, California Superior Court, Los Angeles County ) filed on Thursday, alleged that "Wells Fargo fired or demoted employees who failed to meet unrealistic quotas while at the same time providing promotions to employees who met these quotas by opening fraudulent accounts."
The lawsuit on behalf of people who worked for Wells Fargo in California over the past 10 years, including current employees, focuses on those who followed the rules and were penalized for not meeting sales quotas. It accuses Wells Fargo of wrongful termination, unlawful business practices and failure to pay wages, overtime, and penalties under California law.
It also offers details of how low-level bankers were allegedly pushed to create at least 10 new accounts a day in a sales initiative that has blown up into a scandal and prompted U.S. lawmakers to call for Chief Executive Officer John Stumpf’s resignation. Bankers were “coached” to secretly open fee-generating accounts and often resorted to using false customer contact information like NoName@WellsFargo.com on accounts so they couldn’t be traced back, according to the complaint.