Wells Fargo reportedly faces probe by federal prosecutors: ConsumerAffairs.com
Various media outlets are citing anonymous sources, which say that Federal Bureau of Investigation (FBI) and federal prosecutors have begun an investigation into the matter, which burst into public view this week with the announcement that Wells Fargo was paying $185 million in fines to federal and Los Angeles regulators, says ConsumerAffairs.com in a report.
 
In the report, Mark Huffman from ConsumerAffairs.com, says, the dust has yet to settle from Wells Fargo's admission that thousands of its employees opened bogus checking and credit card accounts in order to hit sales goals. You might say it is heading into a dust storm.
 
"The bank said it had fired 5,300 employees who allegedly opened hundreds of thousands of deposit and credit card accounts for consumers without those consumers' knowledge or permission, presumably to meet strict sales goals. Neither the FBI nor the bank would comment on reports of a potential criminal investigation, but that is normal procedure. It would be highly unusual if either party did," the report says.
 
Congress getting into the act
 
However, the Senate Banking Committee has scheduled a public hearing for next week in which it will press Wells Fargo CEO John Stumpf to explain what happened and how. The committee will also hear from officials of the Office of the Comptroller of the Currency, Consumer Financial Protection Bureau (CFPB), and Los Angeles City Attorney's Office, the agencies that... Continue Reading…
 
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    Toyota recalls 1.43 mn vehicles due to airbag defects
    Japanese automaker Toyota Motor Corporation on Wednesday issued a global recall on 1.43 million of its top-selling hybrid Prius models and high-end Lexus CT200h hybrid sports hatchbacks due to a possible defect in the models' airbag inflator.
     
    The Aichi-based automaker said the recall will span 743,000 vehicles in Japan, 495,000 in its North American and Mexican markets and cover 141,000 models in Europe, Xinhua news agency reported.
     
    "The recall also includes the Prius plug-in models," Toyota said.
     
    "In the vehicles being recalled, specifically those produced between October 2008 and April 2012, it is possible that there is a crack in a weld in the airbag inflator that could lead to the inflator chambers separating and the bags partially inflating, with the inflator itself being discharged into the vehicles' interior," Toyota added. 
     
    Toyota said no deaths or injuries have been reported as a result of the latest airbag-related saga, and noted that the airbag inflators involved in the latest recall were not produced by embattled Takata Corporation.
     
    Toyota has been mired in recall issues in recent times, including the recall of 6.5 million vehicles worldwide in October 2015 owing to a power window glitch that could potential trigger fires.
     
    Toyota also doubled a recall order over faulty airbags to nearly 34 million vehicles in 2015, in a record-breaking recall move prior to the window glitch.
     
    In 2014, the world's largest automaker also issued a recall on 1.9 million of its ubiquitous Prius hybrids, due to a computer problem that could cause the vehicle to suddenly stop without warning.
     
    Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
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    Consumers Are Feeling Unfulfilled
    Puffed up packaging is prompting a spate of class-action lawsuits from consumers questioning why there is empty space where their food or beverages should be. Here are seven products that have faced challenges from consumers who allege that there should not be less to eat or drink than meets the eye.
     
     
    What does this all boil down too? Size matters.
     
     
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