OSHA Says Wells Fargo Owes Former Exec $22M for Improper Firing

A former Wells Fargo executive is due $22 million after an investigation by the Occupational Safety and Health Administration (OSHA) concluded the bank violated whistleblower protections under the Sarbanes-Oxley Act.

The amount owed includes back wages, interest, lost bonuses and benefits, OSHA said.

The U.S Department of Labor’s OSHA determined, after getting a complaint from the employee, that Wells Fargo improperly terminated the Chicago-based senior manager who raised concerns about potential wire fraud and was let go in 2019.

“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,” OSHA said.

Wells Fargo alleged the manager was terminated as part of a restructuring process, OSHA said, which found the manager’s removal was not consistent with the bank’s treatment of other managers terminated under the initiative.

“The evidence demonstrates Wells Fargo took retaliatory action against this senior manager for repeatedly expressing concerns about financial management they believed violated federal laws,” said Assistant Secretary of Labor for Occupational Safety and Health Doug Parker, in a statement. “The Sarbanes-Oxley Act protects employees from retaliation in these very circumstances and the Department of Labor will not tolerate employers who violate the law and illegally terminate workers that exercise their rights under the law.”

Related:

• Meeting Between Regulators, Employees Helped Set Stage for Wells Fargo CEO Exit
• Court Revives Whistleblower Claim Against Wells Fargo
• Justice Department Sides with Whistleblowers Fired by Wells Fargo

Topics Workers' Compensation