Wells Fargo: Court Approves Class-Action Lawsuit Settlement

Wells Fargo announced the class-action lawsuit settlement concerning improper retail sales practices (Jabbari v. Wells Fargo Bank) received final approval in a June 14 order from the U.S. District Court for the Northern District of California.

“The court’s approval of the broad and far-reaching $142 million settlement agreement is a significant step forward in making things right for our customers and further restoring trust with all of Wells Fargo’s stakeholders,” said Tim Sloan, Wells Fargo’s president and CEO. “We are pleased with this decision as it supports our efforts to help customers impacted by improper retail sales practices and ensures they have every opportunity for remediation.”

The settlement agreement sets aside funds for customer remediation. The settlement class consists of all persons who claim that Wells Fargo (WFC) opened, without their consent, a consumer or small business checking or savings account or an unsecured credit card or line of credit or enrolled them, under certain circumstances, in Identity Theft Protection services, in each case between May 1, 2002, and April 20, 2017.

The claims filing period for the settlement will remain open for eligible current and former customers to submit claims through July 7 online or by calling 866-431-8549. After the claims filing period ends, Wells Fargo and the plaintiffs will move ahead to complete the process of determining each class member’s recovery amount before making payments to eligible class members.

Like this story? Begin each business day with news you need to know! Click here to register now for our FREE Daily E-News Broadcast and start YOUR day informed!

Leave a comment

View Latest Digital Edition

Terry Mulreany
Subscriptions: 800 708 9373 x130
Susie Angelucci
Advertising: 484.459.3016

View Latest Digital Edition

Visit our sister website for news, information, exclusive articles,
deal tables and more on the asset-based lending, factoring,
and restructuring industries.