Wells Fargo Must Fully Compensate Victims in Account-Scandal Settlement

SAN FRANCISCO (CN) – Wells Fargo must guarantee full compensation and credit history repairs for an estimated 2.73 million victims of its sham accounts scandal before a judge will approve a proposed $142 million settlement.

U.S. District Judge Vince Chhabria laid out his conditions for approving the deal in a ruling Wednesday night, less than one week after several lawyers urged him to reject the settlement during a May 20 hearing.

The class action settlement in Jabbari v. Wells Fargo would release the bank from liability over its employees opening an estimated 3.5 million unauthorized accounts and lines of credit from 2002 to 2017 to meet aggressive sales goals.

Read on.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s