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Wells Fargo has expanded a class action settlement that would resolve allegations that the bank opened millions of fake accounts, bringing the total up to $142 million.
In March, Wells Fargo initially agreed to settle claims that the bank fraudulently opened more than 2 million credit and debit card accounts without telling customers, but last Friday they expanded the proposed agreement to extend the Class period to May of 2002.
The expansion will bring the $110 million settlement from March up to $142 million.
“The expansion of this agreement is another important step to make things right for our customers,” said the president of Wells Fargo. “On our journey to rebuild trust, we want to ensure our customers feel confident that we have heard their concerns about retail sales practices, which includes offering them numerous opportunities for remediation.”
Regulators broke the news that Wells Fargo employees had been told to “do whatever it takes” to meet steep quota requirements for opening new accounts. According to the class actions filed over the scandal, desperate employees resorted to opening fake accounts without their customers’ knowledge or permission.
Wells Fargo also faces $185 million in civil penalties to the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency and the Los Angeles City Attorney’s Office over the allegations, as well as continued investigation.
Twelve class actions were filed over the scandal and were eventually consolidated. In addition, the former chair and CEO of the bank, former head of the bank, several board members and about 5,300 employees were fired. The upper executives were also forced to turn over many millions in compensation.
“This proposed $142 million non-reversionary Class Action Settlement now aims to bring full relief to Wells Fargo’s customers,” says the settlement proposal. “It expands the class of customers covered by the Government Settlements by nine years, well past the statute of limitations period that may be applicable to many claims. It reimburses wrongly paid fees. It provides relief for damaged credit. And, after providing this compensatory relief, the Settlement fairly allots the remaining funds to the Class.”
According to the expanded settlement agreement filed in federal court, the settlement Class now includes “all Persons for whom Wells Fargo or Wells Fargo’s current or former subsidiaries, affiliates, principals, officers, directors, or employees opened an account in their name without consent, enrolled them in a product or service without consent, or submitted an application for a product or service in their name without consent during the period from May 1, 2002 to April 20, 2017.”
The settlement agreement indicates that Wells Fargo will conduct a “comprehensive, multimedia program of notice to the Class.” Additionally, Wells Fargo has contracted with PricewaterhouseCoopers to conduct an independent audit to identify fake accounts.
The plaintiffs are represented by attorneys Derek W. Loeser, Gretchen Freeman Cappio, Daniel P. Mensher and Matthew J. Preusch of Keller Rohrback LLP.
The Wells Fargo Fake Bank Accounts Class Action Lawsuit is Jabbari v. Wells Fargo & Company, et al., Case No. 3:15-cv-02159, in the U.S. District Court for the Northern District of California.
UPDATE: On May 24, 2017, a federal judge says he will grant preliminary approval to the terms of a Wells Fargo class action settlement, conditional on certain changes. According to the judge, the new agreement should provide more time for settlement administration. Claimants should have more time to file claims, and the court should have more time to evaluate the work of the settlement administrator and its credit injury experts.
UPDATE 2: On July 8, 2017, the $142 million Wells Fargo class action settlement was preliminarily approved by a California federal judge.
UPDATE 3: September 2017, the Wells Fargo unauthorized bank accounts class action settlement’s website has been established. Click here to learn more about what the settlement provides to Class Members.
UPDATE 4: On May 30, 2018, a California federal judge granted final approval for a $142 million class action settlement over claims that Wells Fargo opened fake bank accounts, despite many arguments that the settlement is insufficient.
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101 thoughts onWells Fargo Expands Fake Bank Accounts Class Action Settlement To $142M
This happened to my 87 yr old mother. She has all her paperwork proving what they did. My siblings were skeptical to believe her, they thought she had charged on the fake credit card herself. When her and i went to ask for copies of certain monetary charges on the card that she never asked for, the bank gave her copies of three different checks that were written out for over a thousand dollars each one week apart. She was also supposed to receive a monthly dividend check on the interest alone from her CD’s that she deposited. She never received one dime. This bank stole my parents hard earned money and i intend to get it back for mom (dad has since passed on). Please let me know how to get a claim form for my mom.
UPDATE 2: On July 8, 2017, the $142 million Wells Fargo class action settlement was preliminarily approved by a California federal judge.
Back in 2010 upon mothers death she had 2 acts and my brother had 1 whick money was taken from his acct when estate share entered his acct. manager of Plainfield Ave south Plainfield nj branch when money was moved over it was placed in a fund? Managers changed and I went there multiple times to get info and the new manager kept insisting there was no acct, the prior manager was gone and I was so fustrated as I was settling estate accounts, trying to sell a home to pay mtg on other to sell and cover expenses. My brother passed in 2011 after just moving back to Florida, I never went back, too much with all that happened plus other major life changed, I gave up, it was not worth all the time spent and the stress was too much.
This happen to me as well . When I found out , they gave me 2 over charge payments back . And I closed that account . Can you help me put a claim on them ?
UPDATE: On May 24, 2017, a federal judge says he will grant preliminary approval to the terms of a Wells Fargo class action settlement, conditional on certain changes. According to the judge, the new agreement should provide more time for settlement administration. Claimants should have more time to file claims, and the court should have more time to evaluate the work of the settlement administrator and its credit injury experts.
My stepfather received calls for me but im just finding out . am I still able to call them or did the deadline already happen ?
That’s insane. I have an account with Wells Fargo.
Last year beginning of 2016, I had 1000 euro to change to dollars, I look at market how was the change to the Euro to Dollars, it was $1.13 for 1 euro.
Went to the bank, got a lady Mulsilm, she told me that I should get $965,00.
I was very surprised, I told het that it cannot be, the euro is 1.13, her response was ” So you are saying that I do not know what I am doing?”
I was chock, I told her yes, it is wrong, I should get at least $1000.
I didn’t want to agreed,
Last week, I had to exchange again 840 euros the euro was down $1.05 for 1 euro, I thought I will get $790/780. No I got 841.
Wells Fargo stooled me with my Change, if someone knows where to go with my claim
Please help me.
Thank you
Genevieve
Wells Fargo made my elderly parents (85+) open a new account, they had overdrafts on their old account. Then several years later they had us open several accounts after fraud on our main account. Another fraud.
How do I get into the Wells Fargo Fake Bank Accounts Class Action Lawsuit? Thank you.
This is sad. I was granted an account with them and never applied for one.
Iverdrafs are to high
I have multiple accounts with them. This seriously sickens me!