Daily Archives: May 19, 2017

$142M Wells Fargo Deal Moves Forward Despite Objections

SAN FRANCISCO (CN) – A federal judge said Thursday he will likely approve a $142-million Wells Fargo settlement, despite objections that the deal lets the bank off easy for opening millions of unauthorized accounts.

The class action settlement in Jabbari v. Wells Fargo would release the bank from liability for opening an estimated 3.5 million fraudulent accounts and lines of credit from 2002 to 2017.

Alabama attorney W. Lewis Garrison, Jr. is one of several lawyers who traveled to San Francisco Thursday to urge U.S. District Judge Vince Chhabria to reject the deal. Garrison represents plaintiffs in four separate class actions against the bank in Florida, Georgia, North Carolina and Alabama. State law claims of identity theft could make the bank liable for a potential $2 billion, Garrison told the judge.

Read on.