A global reckoning about sexual harassment has been unleashed in the #MeToo era, with forced arbitration coming under scrutiny.
found employees prevail only about a third as often in mandatory arbitration as in federal courts, and get less money in damages. The system can also cover up misconduct from repeat offenders.Although several tech giants, including Microsoft Corp., Alphabet Inc.’s Google and Facebook Inc., have done away with the clause in the last few years, the process remains widespread on Wall Street, which pioneered it decades ago.
At Wells Fargo, the mandatory-arbitration policy applied to employees hired since late 2015, according to the statement. “Wells Fargo has raised the bar for financial institutions aiming to root out sexual harassment in the workplace,” Molly Betournay, Clean Yield’s director of shareholder advocacy, said in a
. Wells Fargo is believed to be the first big bank to end forced arbitration for such claims, Clean Yield said.Wells Fargo, which is trying to regain customer trust and mend ties with regulators and elected officials following years of scandals, is instituting a series of reforms under new Chief Executive Officer Charlie Scharf.
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