CHICAGO — Illinois State Treasurer Michael Frerichs will announce plans to suspend billions of dollars in investment activity with Wells Fargo. Wells Fargo is under fire after the bank admitted to secretly opening over two million unauthorized accounts for its customers.
A news conference will be held on Monday, October 3 at 10:00 a.m. at the James R. Thompson Center (Blue Room) at 100 West Randolph, in Chicago, IL to share details about the moratorium.
WHO: Treasurer Michael Frerichs Will Guzzardi, Illinois State Representative Jacqueline Collins, Illinois State Senator William McNary, Citizen Action Illinois Dory Rand, Woodstock Institute
WHAT: Treasurer Frerichs to cut off billions in investment activity with Wells Fargo.
According to their own admission, Wells Fargo employees fraudulently opened approximately two million unauthorized deposit, credit card, debit card, and online banking accounts for its customers from 2011 to 2015. During the five-year period, the company extracted millions of dollars in fraudulent fees and damaged many customers’ credit records, forcing them to pay higher interest rates on loans.
WHEN: October 3, 2016 10:00 a.m.
WHERE: James R. Thompson Center (Blue Room) 100 West Randolph Chicago, IL