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Wells Fargo executives, board must face lawsuit over fake accounts, federal judge says

It is good to know that at least one Federal Judge believes that big corporations and their executives should be held accountable for their wrongdoing.

Justice League

(Reuters) – A federal judge said current and former Wells Fargo & Co officers and directors, including Chief Executive Officer Tim Sloan, must face nearly all of a lawsuit by shareholders seeking to hold them personally liable for sales abuses and the creations of millions of unauthorized accounts.

U.S. District Judge Jon Tigar in San Francisco said shareholders may pursue claims that Wells Fargo officials looked the other way as employees facing “unrelenting” pressure to meet sales quotas unlawfully opened accounts, and misled the public about fraudulent practices at the nation’s third-largest bank.

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