PHILADELPHIA – Attorneys for Wells Fargo Bank in Philadelphia are seeking to enter arbitration proceedings in the case of an account holder who claimed the bank did not secure her accounts and permitted a number of unauthorized withdrawals to be made.
Alexis G. Cocco filed a petition to compel arbitration on Jan. 29, citing a clause in the account agreement Surf City, N.J., plaintiff Jennifer K. Ennis signed with Wells Fargo which stipulates any disputes regarding the account are to be resolved through arbitration with the bank, in lieu of entering a courtroom.
Wells Fargo Bank
The petition also seeks a stay of proceedings while the petition is pending and once the action is ordered to arbitration, plus a reimbursement of expenses for drafting the petition and defending a case in “an improper forum” – which totals $2,000.
On Thursday, court records stated this case has been listed for a future settlement conference.
Ennis alleges since Jan. 1, 2013, she held three separate bank accounts with Wells Fargo. Ennis noticed she began to suffer losses of funds from all of her accounts, as a result of more than one individual using her bank card and from over-the-counter withdrawals made without her consent.
Ennis says she reported the losses to police and criminal authorities, who informed her she should obtain video proof of the unauthorized withdrawals to aid in the investigation and prosecution of the crime. When Ennis requested video footage from Wells Fargo, she says the bank denied her request – and further denied her requests for reimbursements of the missing funds from her accounts.
Ennis claims this affected the payment schedule associated with her bills, one of which was a mortgage on her home held by Wells Fargo. The bank then initiated foreclosure proceedings on her residence when the mortgage was not paid.
Ennis alleges Wells Fargo breached its express and implied contractual duties to keep her funds secure and restore the losses from the unauthorized withdrawals. Ennis believes she suffered a loss of funds, disparagement of credit standing, direct and consequential damages and other monetary losses. Ennis filed suit for breach of contract, negligence, gross negligence, and extreme and outrageous conduct.
The plaintiff is seeking compensatory and punitive damages in excess of $50,000, plus interest and costs in this case.
The plaintiff is represented by Frederick S. Schofield III in Trevose.
The defendant is represented by Andrew J. Soven and Cocco of Reed Smith, in Philadelphia.
Philadelphia County Court of Common Pleas case 151000533
From the Pennsylvania Record: Reach Courts Reporter Nicholas Malfitano at nickpennrecord@gmail.com