City of Los Angeles reviews divestment of funds from Wells Fargo

The city of Los Angeles is reviewing a motion to terminate its investment in Wells Fargo bank.

Councilmembers Paul Koretz, who represents Westwood and other communities in Los Angeles District 5, and Mitch O’Farrell presented the motion to divest from Wells Fargo in March because the bank financially supports the Dakota Access Pipeline and was found responsible for account fraud.

Koretz said he thinks the pipeline would harm the environment and damage the land of Native American tribal nations. For several years, Wells Fargo employees created more than two million fake bank and credit card accounts for customers without their consent or knowledge.

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