My3cents.com - Wells Fargo Informative

Wells Fargo Informative

Wells Fargo Banks

2
Helpful Votes

Posted By: Lidman on 10/14/2006

Source: David Lazarus, San Francisco Chronicle

What is the primary function of a class-action lawsuit? If it's to punish a company monetarily for an alleged misdeed, then the system seems to be working fairly well. But if the primary purpose of class-action suits is to hold companies accountable for their actions--and hopefully to learn from their mistakes--then the system is failing miserably in light of a key aspect of virtually all settlements: no one takes any blame.

Just the opposite, in fact. Most settlements allow companies to pay out millions of dollars to their alleged victims while simultaneously denying any wrongdoing was committed. One of the latest to go down this road is Wells Fargo, which agreed to pay $12.8 million to settle a lawsuit claiming the bank unlawfully exempted as many as 4,500 workers from overtime pay by classifying them as analysts or consultants.

Next Wells Fargo Review >>>

Related Sponsor Links:

Did you find this review helpful? Very Helpful Not Helpful

Wells Fargo Reviews By Product:

Got something to say? Help other consumers by sharing your experiences on My3cents...

Community Tools:

Read comments (5)

Consumers: Add your 3 cents to this review!

Business Owner? Post your company response!

Write a review on this company

More reviews on this company

More reviews on Wells Fargo:

advertise here

User Discussion - Add your 3 cents!

Slimjim

(10/14/2006)

Settling a class action once it's certified is a little different than an individual suit. Monitory damages may not settle a suit alone if a judge deems a modification in a business practice is necessary. However, more often than not, they are token. Class actions are the dumbest suits for someone to initiate unless they are the plaintiff attorney. They make the millions on the settlement while the class each gets $100. That includes the sod who started it, who if he/she just sued individually, would be the one who made the money.

Lidman

(10/14/2006)

I agree

DebtorBasher

(10/14/2006)

There was a class action suit against MBNA and I was notified I qualified to be a part of it...in the end, we all got four monthly credits of 35 cents on our statement...Also, the car dealership I bought my car from had a class action suit filed agaisnt...we all got a check for about $22.00 and four $25 coupons for car repair at the dealership...I cashed my check and shredded the coupons, they are a rip off and I'm sure they will make up their loss with those coupons by tripling the repair fees on those who use them...I only seen that as more business and money for them...there is not one car repair I can think of that they would only charge ... more >>

Lidman

(10/15/2006)

Yes and the banks will just take more money from your accounts.

alduns (10/17/2006)

Hey! if it wasn't for these lawsuits, stay at home mom's or dad's wouldn't have interesting commercials to watch in the afternoon...

Add your 3 cents!