Wells Fargo Reaches $110 Million Class-Action Settlement
March 28 2017 - 6:50PM
Dow Jones News
By Maria Armental
Wells Fargo & Co. has reached a $110 million tentative
agreement to resolve a class-action complaint tied to t he
retail-sales scandal that has plagued the bank.
The bank, the largest in the U.S. by market value, had already
been ordered to pay an additional $185 million after regulators
found "widespread illegal" sales practices, including the opening
of as many as 2.1 million deposit and credit-card accounts, without
customers' knowledge or consent, starting in 2011.
Wells Fargo -- which said Tuesday it had already set aside the
money for the latest settlement as of Dec. 31 -- is still trying to
determine how many people were affected and how they should be
compensated.
The latest settlement proposal, which requires court approval,
would cover customers who allege similar practices starting in Jan.
1, 2009.
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
March 28, 2017 18:35 ET (22:35 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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