Our own Los Angeles City Attorney Mike Feuer to attend a meeting of U.S. Senate Committee on Banking, Housing and Urban Affairs in Washington, D.C. If it sounds like “business as usual” to you, it isn’t. It’s a huge recognition of the Federal Government for our City Attorney Mike Feuer’s – and his team’s – victory over Wells Fargo Bank.
As you surely know, on Tuesday 09/20/16, US Senator Elizabeth Warren “interrogated” the CEO of Wells Fargo John Stumpf on the unethical practices of his bank. Those practices included – but were not limited to – opening multiple accounts unauthorized by Wells Fargo customers and accruing / collecting monthly fees for them.
These Wells Fargo’s practices were known and spread nationwide, still no federal or state attorney’s office took legal action to put a stop to Wells Fargo’s shady sales practices or to protect consumers. Los Angeles City Attorney Mike Feuer was the only one who did. Acting as a true consumers’ advocate, City Attorney Mike Feuer not only dared to hold Wells Fargo legally accountable for its actions but succeeded! His pursuit of justice produced a settlement. On 09/08/2016 it’s been announced that Wells Fargo agreed to make restitution to consumers and pay $50 million in penalties. Read the settlement.
Los Angeles City Attorney Mike Feuer’s commitment to fairness for Los Angeles consumers helps exploited Wells Fargo customers In Los Angeles area recover their money. The even more impressive outcome is that the settlement he negotiated for Los Angeles consumers – thanks to the cooperation with Federal Regulators – will actually benefit consumers nationwide!
The work – and impact – of a City Attorney is usually limited to the matters of the city he represents and its residents. It’s unprecedented that a CITY Attorney’s action has a nationwide impact.
Giving credit where credit is due: the success of Los Angeles City Attorney Mike Feuer’s consumer action against Wells Fargo Bank is historic, it is a lifetime achievement and definitely, Mike Feuer’s legacy as a City Attorney. Congratulations and thank you Mr. Feuer!
On a different note, having Mike Feuer – or someone like Mike Feuer – on a State or better yet, Federal level could put some fear of God in the hearts of major corporations and actually PREVENT them from scamming consumers, in the first place. Just a thought.
Anything L.A. Magazine’s Editor / E. Elrich