Wells Fargo settles class action related to employees opening unauthorized accounts

Posted on: April 5th, 2017 by Steve Larson

Wells Fargo has agreed to pay $110 million to resolve class actions that allege bank workers opened unauthorized accounts in customers’ names or enrolled them in the bank’s services without their consent. If the class action settlement is approved, class members would be reimbursed for out-of-pocket losses, such as fees incurred due to unauthorized account openings. After those losses are paid, along with attorneys’ fees and costs, the remaining amount would be split among all claimants, based on the number and kinds of unauthorized accounts or services claimed.

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