Wells Fargo bank has struck a settlement to reimburse customers who were harmed when bank employees created unwanted accounts in their names. A federal judge has granted a preliminary approval for the settlement in the class action case.

Wells Fargo says compensation will depend on the financial harm customers suffered. Someone who paid an improper $35 dollar fee likely will receive less money than someone whose credit score was damaged and had to accept a home loan with a higher interest rate.


The bank says it expects the settlement will resolve "substantially all claims" in 10 other pending class action cases. The settlement is still subject to final approval by U.S. District Judge Vince Chhabria.

Comments: Be the first to add a comment

add a comment | go to forum thread