Wells Fargo may have to pay up after allegations that employees opened up accounts in customers' names.
Wells Fargo will have to pay up big time over the allegations that bank employees created unwanted accounts in their names. A federal judge has just granted preliminary approval of a settlement totally $142 million.
The amount that affected customers will receive will vary widely depending on how much they suffered, with someone who paid an improper $35 fee receiving less money than someone who saw their credit score damaged as a result of the bank’s actions.
An independent expert has been hired to determine what customers will receive what settlement amounts. It’s possible that Wells Fargo will pay more to customers if the $142 million doesn’t cover it.
Wells Fargo CEO Tim Sloan said in a statement: “We are pleased that the court found the settlement to be fair, reasonable and adequate. This preliminary approval is a major milestone in our efforts to make things right for our customers.”