Home / news / Wells Fargo Says It Will Pay $110 Million To Settle Fake Account Fiasco Class Action – Consumerist

Wells Fargo Says It Will Pay $110 Million To Settle Fake Account Fiasco Class Action – Consumerist

collected by :Molly Tony

“Wells Fargo continues to believe that arbitration is an efficient and effective way to resolve disputes,” a Wells Fargo spokesperson said.
Wells Fargo has reached a $110 million preliminary settlement to compensate all customers who claim the scandal-ridden bank opened fake accounts and other products in their name.
These payouts are on top of the $3.2 million Wells Fargo has paid to customers over 130,000 accounts over potentially unauthorized accounts.
Wronged Wells Fargo customers are finally getting a bit of payback.
After attorneys’ fees, Wells Fargo said the $110 million will be used first to compensate customers for out-of-pocket losses.

as informed in

Wells Fargo to pay $110 million to settle fake account suit

NEW YORK — Wells Fargo has agreed to pay $110 million to settle a class-action lawsuit over up to 2 million accounts its employees opened for customers without getting their permission, the bank announced Tuesday.
“This agreement is another step in our journey to make things right with customers,” Wells Fargo CEO Tim Sloan said in a prepared statement.
The Office of the Comptroller of the Currency cited the sales practices as one reason for the downgrade.
Wells Fargo says it believes this settlement, which is subject to court approval, will resolve the 11 other pending class-action lawsuits filed against it over the accounts.
Authorities said bank employees, driven by high-pressure sales tactics, opened the bank and credit card accounts without customer authorization.

Wells Fargo to pay $110 million to settle fake account suit

as informed in “This agreement is another step in our journey to make things right with customers,” Wells Fargo CEO Tim Sloan said in a prepared statement.
(Photo: CX Matiash, AP)NEW YORK — Wells Fargo has agreed to pay $110 million to settle a class-action lawsuit over up to 2 million accounts its employees opened for customers without getting their permission.
In its report, which covers 2009-2012, the regulator cited the sales practices scandal as a sign of unfair or deceptive behavior.
USA TODAYA Wells Fargo sign in New York.
The Office of the Comptroller of the Currency cited the sales practices as one reason for the downgrade.

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