(CNN) – Proposed legislation would force Wells Fargo to face its victims of fake accounts in court.
Two congressional lawmakers introduced a bill Thursday that would prevent Wells Fargo from using fine print buried in customer agreements to derail class action lawsuits. The fine print, known as forced arbitration agreements, require customers to resolve their claims in closed-door arbitration instead of open court.
Wells Fargo is using this tactic in the class action lawsuit filed in Utah by dozens of customers who say the bank opened accounts in their name that they didn’t sign up for. Regulators say there were as many as two million of these fake checking and credit card accounts.
The bank has admitted some customers had their credit scores damaged, while others were hit by unwarranted fines. Wells Fargo declined to comment on the new bill.