News and Events for Attorneys and Executives

Wells Fargo’s $142-Million Sham Accounts Settlement: What You Need to Know

By on July 12, 2017 in Banking & Finance

A federal judge has signed off on a deal under which Wells Fargo & Co. will pay $142 million to settle a bevy of class-action lawsuits over the bank’s creation of unauthorized accounts.

The Los Angeles Times offers some answers to typical questions that consumers may have about the settlement and what it can mean for the customer individually.

Reporter James Rufus Koren writes that Keller Rohrback, the lawyers who negotiated the settlement with the banking company, will ask the court for $21.3 millions, which amounts to 15 percent of the total settlement fund.

The article answers such questions as: Am I eligible? How much will I get? How do I sign up? What if I want to sue the bank? When will I get paid?

Read the Times article.

 

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