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How Wells Fargo uses arbitration to kill lawsuits over sham accounts

A man walks past a Wells Fargo branch in Philadelphia.
A man walks past a Wells Fargo branch in Philadelphia.
Matt Rourke/AP

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2016 has not been a stellar year for Wells Fargo.

The banking company has come under fire for secretly creating as many as two million unauthorized bank and credit card accounts.

Wells Fargo has begged customers to stay with them, promising to make things right for all those who had to pay fees for accounts they never consented to.

But actions speak louder than words, and in courtrooms across the country, Wells Fargo has been trying to kill lawsuits brought against it by forcing them into private arbitration.

New York Times reporter Michael Corkery joined Take Two to explain how the private arbitration process works against consumers.

To listen to the full interview, click on the blue media player above. 

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