Former Wells Fargo VP Sues Bank, Alleges Race Bias And Retaliation
By CU Today Staff —
CHARLOTTE, N.C.—A former Wells Fargo vice president hired to help oversee the bank’s compliance with a federal consent order tied to its fake-accounts scandal has sued the bank, alleging race and disability discrimination, Law360 reported.
Jamelle N. Cuthbertson, who is Black, has filed suit in the U.S. District Court for the Western District of North Carolina, accusing Wells Fargo of retaliating against him after he raised internal complaints about alleged disparate treatment of Black employees, according to Law360.
The case adds another workplace-related legal challenge for Wells Fargo as the bank continues moving past years of regulatory fallout from its sales practices scandal. The CFPB fined Wells Fargo $100 million in 2016 over the opening of unauthorized deposit and credit card accounts, while the OCC separately assessed a $35-million penalty and ordered restitution.
The Federal Reserve earlier this year terminated its 2018 enforcement action against Wells Fargo after determining the bank had met required conditions tied to governance, compliance and operational risk management. Wells Fargo also said the terminated order related to governance oversight and compliance and operational risk management.
Originally reported by CU Today.