Santa Clara, CA: A $110 million settlement agreement has been reached, potentially ending 12 banking fraud class action lawsuits brought against Wells Fargo & Co over allegations bank workers opened accounts in customers’ names without those customers’ authorizations.
According to the terms of the deal, if approved, eligible class members would be reimbursed for fees they were charged related to the unauthorized accounts and out-of-pocket expenses. Once those losses have been reimbursed, together with court costs and attorneys’ fees, the remaining funds would be split among all claimants, based on the number and kinds of unauthorized accounts or services claimed.
Eligible class members would be anyone who alleges Wells Fargo opened an account in their name without consent, enrolled them in a product or service, or submitted an application for a product or service in their name without consent between January 1, 2009, and the date the settlement is executed.
Wells Fargo has said it will also continue with its voluntarily review of bank accounts opened between 2009 to 2010, to determine and remediate any customer harm. It has also said it will continue its nationwide mediation program to address customer concerns.
Wells Fargo has already agreed to pay $185 million in fines, after authorities uncovered 1.5 million fraudulent bank and 565,000 credit card accounts set up by bank employees in order to boost or hit sales targets. Further, the employees also made up PIN numbers and email accounts in connection with the false accounts, to get people to sign up for online banking services, the Consumer Financial Protection Bureau (CFPB) said in a statement.
Nearly 5,300 employees were fired after the scheme was revealed, and in February, Wells Fargo’s board of directors voted to fire four senior managers in connection with an ongoing investigation stemming from the scandal.
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I submitted an application to be a cosigner on my aunt's loan however my aunt was not approved for the loan and the representative put the loan in my name to pay off a auto loan that she had with Wells Fargo.
Posted by Name Withheld
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WellsFargo sold my elderly mother an annuity and they told her she'd get an intersst check every month and the principal balance would be left untouched. Turns out all of her monthly payments were directly from the principal and there was a zero interest rate. Annuity was sold through NY life. So you pay them money to have them mail you a monthly check of your own money. The WellsFargo company is just filled with liars and thieves at all levels, management and employees.
Posted by fraud victim
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only 2 extra accounts
my father who is 80 years old. we were shocked to find out he had 15 accounts in total. when there should have been only 1 savings and 1 checking. Imagine having 13 extra checking accounts you were not aware of
Posted by David Boyd
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two extra accounts
Posted by joann loffler
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Wells Fargo continues to defraud families,elderly,disabled and military out if their homes with preditory and fraudulent loans. They sold off the bad loans to investors after orginal investors were already paid and Wells Fargo tripled profits while families are left with home loss,financial loss and damages. Wells Fargo stops at nothing with the dishonest banking and dishonest mortgage practices. Best to just not do business with this bank at all.
Posted by Bluloony
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Wells Fargo commits fraud on the servicing of loans for the GSEs. I have documented my horrifying plight of fraud on WFfraud.com . We can't choose who services our loans and there is no recourse for the helpless. Please read about and pass the knowledge about Wells Fargo breaking the law.
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