JANUARY 7, 2018
Prescott Lovern, Sr. (Lovern) says that Wells Fargo (WF) CEO, Tim Sloan, misled Congress when he testified that “Fake Account Victims, or, any other claimant against WF, that all claims must be resolved through mandatory arbitration. WRONG!
Any Fake Account Victim, regardless if you have already arbitrated, can still bring a Private Attorney General lawsuit, and collect damages, including punitive damages, on behalf of yourself or all Victims, via a PAG lawsuit as the PAG, or, as a Victim where someone else is the PAG. Bottom line, don’t believe WF.
Fake Account Victims… do not believe the Tim Sloan / WF propaganda, as it only applies to class action. This is even after Congress repealed the CFPB Final Rule on arbitration. WF can only stop class action cases. Class action is not as good as PAG litigation because in a class action you have to prove damages, not in PAG that carries strict liability.
WF does not want Victims to know this because Fake Account claims can bankrupt WF.