Wells Fargo’s $142 Million Class Action Settlement

Wells Fargo has sent out emails to their customers, entering them into a $142 million class action settlement related to the opening of unauthorized accounts. Wells Fargo admitted last September that 2 million potentially unauthorized checking and credit card accounts were opened between 2011 and 2015. The settlement may not be final until early 2018.

Wells Fargo settlement

Here’s the text of the email:

Dear Customer,

As part of our commitment to make things right, we have entered into a $142 million class action settlement related to the opening of unauthorized accounts.

If you believe Wells Fargo opened a checking, savings, credit card, or line of credit account for you without your permission, or if you purchased identity theft protection from us, you may be entitled to compensation from this fund.

To find out more, go to www.WFSettlement.com or call
1-866-431-8549. You may be eligible for reimbursement of fees, compensation for potential impact on your credit, and an additional cash payment based on any money remaining in the fund after benefits and costs are paid out.

If you have specific questions about any of your accounts or services, please visit your Wells Fargo branch or call 1-800-869-3557. Thank you for being a Wells Fargo customer.

It’s not clear how much each person would get yet, but there’s also another issues that might jeopardize the settlement. The settlement agreement seemed to indicate a point of resolution for the San Francisco-based lender, after it admitted its bankers may have created about 2.1 millions of fraudulent accounts. But, a new tally this week found an additional 1.4 million, 67 percent more than before.  The federal judge gave preliminary approval to the settlement with the caveat that “further scrutiny will still be required” to consider the “breadth and depth” of the pact. So we might not have seen the end of this just yet.

 

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One thought on “Wells Fargo’s $142 Million Class Action Settlement

  1. Pingback: Wells Fargo’s $142 Million Class Action Settlement, Claim Deadline Extended Till 7/7/18 - Danny the Deal Guru

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