Wells Fargo must guarantee class-action settlement will fully repay customers, judge says

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Wells Fargo must guarantee class-action settlement will fully repay customers, judge says

Wells Fargo must guarantee class-action settlement will fully repay customers, judge says

LA TIMES-

Wells Fargo & Co. may have to cough up more than $142 million to settle a bevvy of class-action lawsuits in connection with its unauthorized-accounts scandal.

A federal judge in San Francisco said late Wednesday that he would approve a settlement deal reached by the bank and plaintiffs’ attorneys, but only if they agree to several conditions — including a guarantee that all customers will be fully compensated for their losses.

The two sides had previously agreed that the bank would pay $142 million to compensate customers for fees and other damages related to millions of unauthorized checking, savings and credit card accounts.

[LA TIMES]

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