CHICAGO – The U.S. Department of Labor’s Occupational Safety and Health Administration found Wells Fargo violated the whistleblower protection provisions of the Sarbanes-Oxley Act for improperly terminating a Chicago area-based senior manager in the company’s commercial banking segment.
The San Francisco-based bank was ordered to pay the employee more than $22 million which includes back wages, interest, lost bonuses and benefits, front pay and compensatory damages. The findings follow an investigation by OSHA’s Chicago Regional Office that was initiated after receiving a complaint from the employee.
OSHA found Wells Fargo violated the whistleblower protection provisions of the Sarbanes–Oxley Act when it terminated the senior manager who had repeatedly voiced concerns to area managers and the corporate ethics line regarding conduct they believed violated relevant financial laws, including wire fraud. The manager expressed concerns that they were directed to falsify customer information and alleged that management was engaged in price fixing and interest rate collusion through exclusive dealing.
Even though the manager believed the conduct was illegal based on company-required training, they were terminated in 2019. After initially failing to provide a reason for the termination, Wells Fargo later alleged the manager was terminated as part of a restructuring process. However, investigators found the removal was not consistent with Wells Fargo’s treatment of other managers...
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