According to the terms of the deal, if approved, eligible class members would be reimbursed for fees they were charged related to the unauthorized accounts and out-of-pocket expenses. Once those losses have been reimbursed, together with court costs and attorneys’ fees, the remaining funds would be split among all claimants, based on the number and kinds of unauthorized accounts or services claimed.
Eligible class members would be anyone who alleges Wells Fargo opened an account in their name without consent, enrolled them in a product or service, or submitted an application for a product or service in their name without consent between January 1, 2009, and the date the settlement is executed.
Wells Fargo has said it will also continue with its voluntarily review of bank accounts opened between 2009 to 2010, to determine and remediate any customer harm. It has also said it will continue its nationwide mediation program to address customer concerns.
Wells Fargo has already agreed to pay $185 million in fines, after authorities uncovered 1.5 million fraudulent bank and 565,000 credit card accounts set up by bank employees in order to boost or hit sales targets. Further, the employees also made up PIN numbers and email accounts in connection with the false accounts, to get people to sign up for online banking services, the Consumer Financial Protection Bureau (CFPB) said in a statement.
Nearly 5,300 employees were fired after the scheme was revealed, and in February, Wells Fargo’s board of directors voted to fire four senior managers in connection with an ongoing investigation stemming from the scandal.