Several Wells Fargo employees claim that they were retaliated against after whistleblowing on the giant bank. Employees were largely responsible for uncovering illicit activity that affected customers in Colorado and the rest of the United States. Many of the affected employees claim that they were the victims of wrongful termination.
A former mortgage consultant at Wells Fargo filed a lawsuit in July, alleging that he was fired after raising concern about mortgage rate practices. The bank apparently charged homebuyers for locking in mortgage rates, a practice that was unnecessary and costly to consumers. Wells Fargo denied that the mortgage consultant was fired as retaliation.
Other employees claim that they were fired after calling the in-house ethics hotline concerning the insurance scandal that made headlines earlier in 2017. Wells Fargo admitted to charging hundreds of thousands of auto loan borrowers for insurance, even when they had already purchased personal liability coverage from a third party. At least 20,000 customers had their cars repossessed because of the additional costs of unnecessary insurance.
These are not the only scandals Wells Fargo has been involved with, and it also made headlines over the past year or so for creating fake accounts. These ongoing scandals seem to hint at a culture of disrespect for the consumer, with the only goal being bottom-line profits. Colorado whistleblowers are essential for protecting consumers who might otherwise be vulnerable to unscrupulous business practices. Unfortunately, they are also vulnerable to wrongful termination, which can impact their financial security. Most whistleblowers can effectively recover compensation for lost wages by successfully pursuing a lawsuit to completion against their former employer.
Source: wday.com, "More Wells Fargo workers allege retaliation for whistleblowing", Nov. 7, 2017