Take Two translates the day’s headlines for Southern California, making sense of the news and cultural events that affect our lives. Produced by Southern California Public Radio and broadcast from October 2012 – June 2021. Hosted by A Martinez.
A 2013 LA Times investigation found bank employees at Wells Fargo– under pressure to meet quotas by their bosses – opened up bogus extra accounts in customers' names without their permission or knowledge.
In some cases, signatures were forged and fees were racked up, and customers didn't know until collections agencies came knocking.
The city of Los Angeles sued last month on behalf of its affected residents.
However, the bank counters that L.A. has no standing to bring forth this lawsuit; only federal regulators can.
Scott Reckard, reporter for the LA Times, explains what this means for customers who were affected.