Wells Fargo is ordered to pay more than $22 million for violating the whistleblower protection provision by inappropriately dismissing an employee who voiced concerns about the company’s alleged misconduct, the US Department of Labor’s (DOL) Occupational Safety and Health Administration (OSHA) reported.
According to OSHA’s media release, the government ordered the San Francisco-based bank to pay the employee, including “back wages, interest, lost bonuses and benefits, front pay and compensatory damages.”
The government said the case involved a Chicago area-based senior manager working at Wells Fargo’s commercial banking segment.
During his employment, the senior manager repeatedly voiced concerns to the area managers and the corporate ethics concerning conduct that workers believed breached financial laws, including wire fraud. The manager stated that they were instructed to fabricate customer information and claimed that the management was involved in price fixing and interest rate collusion through exclusive dealing.
However, even though the senior manager acknowledged that the conduct was illegal based on company-required training, higher authorities terminated the employees 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,” OSHA said. “However, investigators found the removal was not consistent with Wells Fargo’s treatment of...
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