(Bloomberg) -- Wells Fargo was sued by Los Angeles for allegedly opening accounts and issuing credit cards without customers’ authorization as part of what the city called a “fee-generating machine.”

The bank set unrealistic quotas for the number of banking products its employees must sell, which pressured them to resort to abusive and fraudulent tactics to meet their sales targets, Los Angeles said in a state court complaint filed Monday.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access