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Wells Fargo Sued by FX Trader Claiming Wrongful Termination

Wells Fargo & Co. Corporate Office Ahead Of Earnings Figures
Photographer: Wes Frazer/Bloomberg

The former head of Wells Fargo & Co.’s foreign-exchange trading group sued the bank for wrongful termination, alleging his attempts to alert managers to abusive sales practices over more than a decade ultimately cost him his job.

Simon Fowles claims Wells Fargo’s compensation plan in the foreign-exchange sales department “created strong incentives for foreign-currency sales team members to make false and misleading representations to customers.” The complaint, filed Thursday in San Francisco state court, is the latest in a string of lawsuits against the company stemming from its retail banking division, where quotas resulted in the creation of millions of fake accounts.