A former Wells Fargo bank employee is suing the financial institution for $2.6 billion due to allegations of wrongful termination. Just days after lawmakers encouraged the Department of Labor to look into Well Fargo’s actions against their employees when their workers made allegations of firing and other mistreatment for failure to meet strict sales quotas. These are the same strict sales quotas that had already resulted in the opening and closing of over two million unauthorized consumer accounts.
The wild story is now nearing an end with a group of former Wells Fargo employees banding together to file a class action lawsuit in California seeking $2.6 billion in damages. Damages being sought will be on behalf of all Wells Fargo employees who endured penalties for not meeting outlandish sales quotas over the past 10 years. Allegations being made against the banking giant include: unlawful business practices, failure to pay wages, failure to pay overtime, wrongful termination and unlawful penalties against employees.
According to the two original plaintiffs (both former Wells Fargo employees), the Wells Fargo managers required employees to meet a quota of 10 accounts per day and progress reports submitted several times throughout each day. Any workers who fell short of these requirements were reprimanded for failing to meet expectations. According to the suit, the employees were unable to meet the outlandish requirements without resorting to fraud. It continues to specify that the biggest victims of Wells Fargo’s illegal activity are the employees who were fired because they did not meet the cross sell quotas by engaging in the fraudulent scam that increased profits for CEOs. Plaintiffs insist that there are thousands of loyal employees who were either fired or demoted because they did NOT resort to illegal tactics for purposes of meeting impossible cross-selling quotas.
The plaintiffs allege that employees who attempted to meet the unrealistic goals without opening unauthorized accounts engaging in other, similarly fraudulent behavior, lost wages and benefits, as well as suffering humiliation, anxiety and embarrassment.
If you have questions or concerns regarding wrongful termination, workplace retaliation, or seeking class certification, please get in touch with one of the experienced southern California employment law attorneys at Blumenthal, Nordrehaug & Bhowmik.