<\/p>\n
Wells Fargo says it did nothing wrong when freezing $204,000 in a customer\u2019s account \u2013 even though it\u2019s partially relenting to lawyers who claim otherwise.<\/p>\n
The banking giant was hit with a lawsuit after a North Carolina-based client named Ethan Parker alleged<\/a> he was denied access to his money with \u201clittle to no explanation.\u201d<\/p>\n Despite objecting to the claims, Wells Fargo is backing down in part, and will soon hand a $204,000 check over to Parker, reports<\/a> Triangle Business Journal.<\/p>\n Parker\u2019s attorney Jim White says his team is now seeking additional funds for damages and attorneys fees.<\/p>\n \u201cYou can\u2019t just disrupt someone\u2019s financial life for a year and not face consequences for it.<\/em><\/p>\n I think it\u2019s fair to say we feel vindicated because Wells Fargo was given the opportunity in court to contest anything we said. <\/em>They had the opportunity to present evidence\u2026 they chose not to do that, so we feel vindicated.\u201d<\/em><\/p>\n Parker says he\u2019s been unable to pay his mortgage after losing access to his money, which was given to him after the death of his adoptive mother.<\/p>\n In December, Wells Fargo agreed<\/a> to pay a total of $2 billion to current and former clients as well as a $1.7 billion civil penalty to the Consumer Financial Protection Bureau (CFPB) for unlawfully freezing consumer accounts and illegally charging fees and interest on auto and mortgage loans.<\/p>\n And last month, the bank agreed<\/a>\u00a0to pay a $35 million civil penalty to the U.S. Securities and Exchange Commission for allegedly charging excessive fees to customers for investment advice.<\/p>\n In both cases, it settled the allegations without admitting or denying the accusations.<\/p>\n Wells Fargo says<\/a> it made $13.18 billion in net income in 2022, down from $21.54 billion in 2021.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
\n
\nCheck Price Action<\/a><\/span><\/em>
\n
\nFollow us on Twitter<\/a>, Facebook<\/a> and Telegram<\/a><\/span><\/em>
\n
\nSurf The Daily Hodl Mix<\/a><\/span><\/em>
\n<\/p>\n