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Stories of Interest
- SEC Adopts Statement and Interpretive Guidance on Public Company Cybersecurity Disclosures
- SEC Charges Former Bitcoin Exchange and Its Founder With Fraud
- JPMorgan Chase to Replace NYC Headquarters with 70-Story Skyscraper
- Citigroup Raises CEO Corbat's Pay 48% to $23Mn
- Should Congress Create a Crypto-Cop?
- JPMorgan Weighs Buying an Exchange-Traded Funds Firm
- Hey, Goldman Sachs: Wanna Buy BNY Mellon?
- SEC Order Rejecting Acquisition of Chicago Stock Exchange (CSX) by Chinese-Baesd Company
- Kyle Moffatt Named Chief Accountant in SEC CorpFinance
- SEC Suspends Trading in 3 Issuers Claiming Involvement in Cryptocurrency and Blockchain Technology
- Karen Garnett, Assoc. Director of SEC CorpFinance, to Leave After 23 Years of Service
- Louisiana Adviser Barred for Hiding Losses from Investors
- Connecticut HF Manager Illegally Diverted Investor Money - Now Owes Nearly $13Mn
- White House Cleaning House of Advisors Without Full Security Clearance
- Goldman Projects 30% Growth in Wealth Management Advisor Force
- Whistleblower Alleges Manipulation of CBOE Volatility Index
- FINRA Looking Into VIX (CBOE Volatility Index) Manipulation: WSJ
- Atlanta-Area Resident Charged with Misusing Investor Funds - SEC
- FINRA Announces 2018 West Region Networking Seminar
- Alberto Arevalo, Associate Director in Office of International Affairs, to Retire From SEC
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NEWSLETTERS & ALERTS
Wells Fargo Report: No Systematic Retaliation Against Whistleblowers
Perhaps one of the more surprising revelations to come out of Wells Fargo’s 110-page report on its monumental sales scandal is the statement that the internal investigation found no evidence that the bank had retaliated against employees who reported apparent sales practices abuses. In all, 5,300 employees were fired over the sales practice abuses.
- While the bank is still following up on reports of ‘whistleblower retaliation’, Stuart Baskin of Shearman & Sterling, who led the investigation, said he didn’t expect the above conclusions to change. The bank’s comprehensive review of terminated employees included the following:
- The known wrongful termination lawsuits filed by at least 5 former Wells Fargo employees.
- The 11 ex-employees who were publicly identified as whistleblowers in media reports.
- The 9 employees who reported being fired after calling Wells Fargo's ethics line phone number to submit tips about unethical sales practices
- The nearly 900 employees who were fired within a year after calling in a tip to the bank’s ethics hotline or within a month of the bank disclosing its settlement with the CFPB
A footnote to the internal report, which was commissioned by Wells Fargo's board and prepared by law firm Shearman & Sterling, noted the following:
"Based on a limited review completed to date, Shearman & Sterling has not identified a pattern of retaliation against Community Bank employees who complained about sales pressures or practices," a footnote in the report said.