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A judge in the U.S. District Court for the Northern District of California granted preliminary approval to an agreement that would allow Wells Fargo to settle a class-action lawsuit filed...
within Litigation, Mediation & Arbitration, Intellectual Property and International Law topic(s)
A judge in the U.S. District Court for the Northern District of
California granted preliminary approval to an agreement
that would allow Wells Fargo to settle a class-action lawsuit (Jabbari v. Wells Fargo, N.A., et al.) filed as a
result of alleged retail sales misconduct.
The agreement would settle allegations that Wells Fargo
employees opened numerous unauthorized accounts on behalf of
customers in order to meet sales goals. In March 2017, Wells Fargo
announced that it had agreed to settle the lawsuit for $110 million
(see
previous coverage). In response to the Court's comments at
the preliminary approval hearing, the parties negotiated a revised
settlement. Under the revised terms, Wells Fargo will pay at least
$142 million to affected customers.
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