Wells Fargo has agreed to pay $1 billion to settle a class-action lawsuit accusing the bank of overstating how much progress it had made in fixing the unlawful practices that regulators said had hurt millions of customers. The agreement, detailed in court filings on Monday, is the latest in a succession of settlements and penalties…
Tag: wells fargo
Agenda – Incentive Pay Under Fire
Sen. Elizabeth Warren (D-Mass.) has Wells Fargo & Co. in her cross hairs again. Last week newly elected board chair Stephen Black received a letter from the Massachusetts senator asking for details on CEO Charles Scharf’s compensation incentives, including specific metrics regarding governance and regulatory compliance targets and Scharf’s performance against them. On the same…
Agenda – Wells Fargo Board Uses Pandemic as Excuse to Boost Pay
Why why why why should the pandemic be a reason to waive performance goals? Performance goals are supposed to be based on performance standards as set ahead of time. The reason for failing to meet them should not matter. Wells Fargo board of directors: Steven D. Black , Co-CEO, Bregal Investments, Inc. Mark A. Chancy , Retired…
Two senators demand answers from Wells Fargo following NBC News reports
Citing a recent investigation by NBC News, two U.S. senators have asked the chief executive of Wells Fargo to answer extensive questions about the bank’s practice of pausing mortgage payments for borrowers without their consent under a federal program designed to help homeowners financially hurt by COVID-19. The senators, Elizabeth Warren of Massachusetts and Brian…
More Trouble for Wells Fargo: Bank Improperly Kept a Pension Fund’s Fee Rebates – WSJ
Wells Fargo cannot seem to get it right. This is especially disturbing considering its many previous violations and promises that all its problems have been solved. And it is even more disturbing that in this case the relationship was not just with a customer, but a pension fund for whom it was acting in a…
Wells Fargo’s Testimony Left Some Feeling Shortchanged – The New York Times
VEA Vice Chair Nell Minow is quoted in the Gretchen Morgenson New York Times story about the latest revelations of 1.4 million fraudulent accounts at Wells Fargo and the very unusual decision to pay separate lobbyists to represent the outside directors. “What exactly are the shareholders getting out of this arrangement?” asked Nell Minow, a…
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