The independent directors of Wells Fargo Bank recently issued a 113-page report following the scandal, first revealed in 2013, that involved sales pressures on the bank’s employees leading to millions of fictitious credit-card, checking and savings accounts being opened in customers’ names. The report revealed that Wells Fargo had in place a fairly robust compliance program and a pro-active board of directors that regular considered compliance issues. Jeffery M. Cross, a member of the Litigation Practice Group and Antitrust & Trade Regulation Group, writes about the report’s findings, including the lesson from Wells Fargo that the compliance program failed to timely inform the company’s board of the problems because of a decentralized corporate structure. His article on the topic, “How Compliance Failed at Wells Fargo,” which is part of his series "The Antitrust Litigator," was published in the June-July 2017 issue of Today's General Counsel magazine. To read the article, click here.
