Judge questions Wells Fargo’s $142-million class-action settlement over sham accounts

San Francisco federal judge is leaning toward rejecting some of the terms of a $142-million settlement aimed at ending a bevvy of class-action lawsuits against Wells Fargo & Co. over its sham accounts scandal.

In a filing Wednesday, U.S. District Judge Vince Chhabria asked attorneys on both sides for more information about claims made last week by plaintiffs’ attorneys that as many as 3.5 million bogus checking, savings and credit card accounts may have been created by the bank.

That figure is far more than the 2.1 million accounts the bank had estimated when it reached a $185-million settlement with regulators in September.

Read on.

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