WASHINGTON, September 13 ( Hfrance.fr) - The Office of the Comptroller of the Currency (OCC), one of the main US banking regulators, is due to start a civil lawsuit on Monday against three former Wells Fargo & Co (WFC.N) executives on their alleged roles in a scandal involving fake accounts with the San Francisco lender.
The proceedings before an OCC internal judge in Sioux Falls, South Dakota will mark a rare showdown between the regulator and former bank executives who it says are partly responsible for Wells Fargo's misconduct.
L 'OCC Alleges Former Wells Fargo Chief Risk Officer Claudia Russ Anderson, Former Chief Auditor David Julian and Former Audit Executive Director Paul McLinko Failed To Correctly Fill Out Their functions and responsibilities, contributing to the "Systemic Selling "Wells Fargo 's misconduct " from 2002 to 2016.
The regulator laid civil charges last year against the trio, along with other former Wells Fargo executives, and demanded that they pay nearly $ 19 million combined to settle the case. He also seeks to exclude Russ Anderson from the banking industry.
Russ Anderson, Julian and McLinko fight the allegations. Lawyers for the trio did not respond to requests for comment.
"This hearing represents the culmination of the long-standing efforts of the trio. 'OCC to hold these people accountable. For material failures in risk management and for damage to consumers, "the OCC said in a statement, adding that it expects the trial lasts at least two weeks.
The long scandaldate on Wells Fargo's pressurized sales culture that led staff to open millions of unauthorized or fraudulent accounts receivable cost the bi bank billions of dollars in civil and criminal penalties and seriously damaged its reputation.
A Wells Fargo spokesperson did not immediately respond to a request for comment on Sunday. Report by Jody Godoy; Additional reports by Chris Prentice; Edited by Michelle Price and Peter Cooney
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