Wells Fargo settles bogus accounts lawsuit for $110 million

Still no word on the role of Scottsdale city council member (and WF Scottsdale VP) Linda Milhaven in this scandal, though WF canned her boss, Pam Conboy.

http://www.mercurynews.com/2017/03/28/wells-fargo-settles-bogus-accounts-lawsuit-suffers-regulatory-downgrade/

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2 Comments

  1. Question to you, John.

    Milhaven’s apparent conflict of interest. How does she possibly vote to issue bonds when the underwriter reaps enormous fees from those financings?

    Shouldn’t she recuse herself? Or is the vote invalid because she hid an obvious conflict of interest? If the underwriting legal counsel has to write an opinion letter about the validity of the bond, does the attorney not have to disclose the potential defect in the bond process?

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