San Francisco, CA: A $142 million settlement has been reached in the Wells Fargo account fraud class action lawsuit over the alleged creation of false customer accounts, services, and applications for products and services made without customers’ knowledge or consent.
The lawsuit names Wells Fargo & Company and Wells Fargo Bank, N.A., as defendants in the banking fraud lawsuit.
Customers included in the settlement had certain Wells Fargo credit cards, lines of credit, checking, or savings accounts opened or applied for in their name without their permission, or had authorized identity theft protection services from Wells Fargo, from May 1, 2002, to April 20, 2017.
The benefits of the settlement include:
Fee Reimbursement: A payment to compensate individuals for fees they may have paid in connection with unauthorized accounts.
Credit Impact Damages: Cash to compensate individuals for damages caused by harm to their credit.
Additional Payment: Any money remaining in the fund, after paying the benefits above and all costs and expenses, will be paid out as additional compensation on a per-account basis.
Eligible customers can now submit a simple claim form online or by mail by February 3, 2018 to get a payment.
Eligible customers must object to or exclude themselves from the Settlement by February 19, 2018. Please note the Court recently extended these deadlines.
A final fairness hearing is scheduled for March, 2018, to consider whether to approve the Settlement. The hearing date may be subject to change.
The lawsuit is Jabbari v. Wells Fargo, No. 3:15-cv-02159, in the Northern District of California.