From: The Honorable Brad Sherman
Provide Justice to Wells Fargo Victims by Closing the Wells Fargo Forced Arbitration Loophole
Become an Original Cosponsor of the
Justice for Victims of Fraud Act of 2016
Please join me in introducing legislation that provides justice to victims of Wells Fargo’s fraud.
Senator Sherrod Brown (D-OH), Ranking Member of the Senate Banking Committee is introducing identical legislation in the Senate.
As you are aware, Wells Fargo defrauded many of our constituents by opening millions of fake accounts in their names. We know that at least two million bank accounts and approximately 565,000 credit cards were opened without the consent of their customers.
Wells Fargo has forced those customers into secret, binding arbitration by invoking fine print in consumers’ legitimate account agreements to block them from suing over fake accounts. Wells Fargo gets to choose the arbitration provider and the rules of the
Defrauded customers should have the choice to opt out of phony contractual arbitration provisions and seek justice in court.
Our legislation titled the Justice for Victims of Fraud Act of 2016 will prevent Wells Fargo from applying the mandatory arbitration clauses to the millions of fake accounts created without customer consent.
It would also clarify that a judge should make a decision in public about whether an account was fraudulently opened, rather than a determination being made by an arbitration panel behind closed doors.
It is common sense that a person should not be subject to a complex legal contract they never agreed to for a product they never requested.
Join me in giving cheated Wells Fargo customers the opportunity for their day in court. Please contact Lauren Wolman at
firstname.lastname@example.org or 5-5911 if you would like to be added as an original cosponsor.
Member of Congress