Moline, IL
Illinois Governor Pat Quinn and State Treasurer Alexi Giannoulias have condemned the actions of banking giant Wells Fargo – a recipient of $25 billion in federal bailout funds – which is forcing the closing of Quad City Die Casting and throwing 100 employees out of work.
Those employees – including members of UE Local 1174 – will permanently lose their jobs on September 4, because Wells Fargo cut off credit to the company, forcing its closure. The workers have earned pay and benefits that Wells Fargo is now telling the company not to pay, because Wells Fargo wants all of the proceeds of the company’s liquidation for itself.
Governor Pat Quinn wrote in a statement released today, “...an estimated 100 employees – through no fault of their own – face unemployment. Making a dire situation even worse, Wells Fargo & Co. is attempting to block payment of legally-owed and earned employee benefits....The workers can easily be paid for all these benefits from only a portion of what Wells Fargo & Co. expects to collect upon disposing of Quad City Die Casting’s assets. I strongly support the workers of QCDC. I urge the CEO and senior managers Wells Fargo & Co. to do what is right and pay these employees for their well-deserved benefits.”
Illinois State Treasurer Alexi Giannoulias said, “Wells Fargo needs to make the equitable and right decision to pay these dedicated workers what they are owed. These payments will serve as a lifeline for many families during these difficult times.”
”We are angry that Wells Fargo is refusing to pay us what we have earned and we won’t stop fighting for justice,” said Keith Shribner, President of UE Local 1174. “We are glad to have Gov. Quinn and State Treas. Alexi Giannoulias supporting justice for Quad City Die Casting workers.” Earlier this week the National Labor Relations Board announced it will issue complaint against the company stating that workers are legally owed vacation pay and payment of benefits as a result of the illegal cancellation of their health insurance in May. They are seeking voluntary settlement of the money owed, to date Wells Fargo has refused, ordering the liquidation company not to pay workers even a penny of what they are owed.