On Tuesday, the bank, no doubt feeling the pressure from federal lawmakers and others, announced that the independent directors of its Board of Directors have launched an investigation into Wells Fargo’s retail sales practices and related matters. CEO John Stumpf will forfeit his salary and awards -- valued at more than $41 million -- amid the independent investigation.
The nation’s high court on Monday declined to review a more than $150 million judgment against Wal-Mart and a $203 million judgment against Wells Fargo. The court waited to make a decision in either case pending its action in Tyson Foods. Last month, the court majority ruled against the meat producer.