Wells Fargo Loses Arbitration Bids In Overdraft MDL Suits

By Shayna Posses (October 17, 2016, 6:27 PM EDT) -- A Florida federal judge held Monday that Wells Fargo can't force unnamed class members' claims into arbitration in five suits in multidistrict litigation accusing banks of deceptive practices regarding overdraft fees, saying the bank chose to litigate the matters and that ordering the classes to arbitrate would be prejudicial.

The bank has moved to compel arbitration several times with regard to two cases that originated in Florida and California, respectively, over the alleged conduct of Wachovia Bank NA, which Wells Fargo Bank NA later absorbed, and three cases originally filed by Wells Fargo customers in New Mexico, Oregon and Washington, U.S....

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