Former Wells Fargo CEO Sues Bank for Withheld Pay and Stock

Tim Sloan seeks over $34 million, claiming he was made a scapegoat in the bank's sales practices scandal.

Former Wells Fargo CEO Tim Sloan has filed a lawsuit against the bank, seeking over $34 million in withheld pay and stock awards. Sloan claims the bank failed to pay him after he resigned in 2019 amid a sales practices scandal.
Sloan led Wells Fargo from 2016 to 2019, during which time the bank admitted to opening millions of unauthorized consumer accounts to meet unrealistic sales goals. This scandal led to Wells Fargo agreeing to pay $3 billion to resolve criminal and civil probes, and another $1 billion in a lawsuit by shareholders.
In his lawsuit, Sloan argues that he was not responsible for the scandal, which began shortly before he took over as CEO, but was made a scapegoat by the board of directors and forced to resign.
Sloan is also seeking unspecified damages for emotional distress and punitive damages. His lawyer, David Lowe, has brought a number of high-profile employment lawsuits in recent years.
Wells Fargo maintains that its compensation decisions are based on performance and stands by its decisions in this matter.