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Wells Fargo announced that it had reached an agreement in principle to pay $110 million to settle a class action lawsuit regarding its retail sales practices.
within Intellectual Property, International Law, Litigation and Mediation & Arbitration topic(s)
Wells Fargo announced that it had reached an agreement in
principle to pay $110 million to settle a class action lawsuit
regarding its retail sales practices ("Settlement
Agreement"). The settlement relates to a suit filed in the
Northern District of California in May 2015 (Jabbari v. Wells Fargo, N.A., et
al.). The bank indicated that it expects that this
settlement will also resolve claims in eleven pending class action
lawsuits that are similar to this one.
According to the press release issued by Wells Fargo, the
settlement will cover any affected persons from January 1, 2009
through the date on which the Settlement Agreement is executed.
Once the court grants preliminary approval of the Settlement
Agreement, Wells Fargo will provide a notice regarding the process
for making claims.
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