Bank sued, accused of opening fraudulent accounts to meet quotas

The city of Los Angeles has filed a lawsuit against Wells Fargo & Co., accusing the bank of opening customer accounts and issuing credit cards without authorization and then charging those customers fees for unwanted services. City Attorney Mike Feuer alleges Wells Fargo's (NYSE:WFC) management imposed unrealistic sales quotas that, among other things, have driven bank employees to engage in unlawful activity that includes opening fee-generating customer accounts and adding unwanted secondary accounts…