Wells Fargo Seeks Arbitration In Class-Action Suit Over Improper Sales Practices

Wells Fargo & Co. wants a federal court judge in Utah to order that customers suing the banking giant over improper sales practices submit their claims to binding arbitration. The San Francisco-based company’s request applies to a class-action lawsuit filed initially by three Utah residents who at one time had accounts with the bank. They sued Wells Fargo in September, one week after the bank made headlines for agreeing to pay $185 million to settle allegations that its workers opened millions of accounts without customers’ permission to reach aggressive sales targets.