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ARTICLE · 07 APRIL 2017

Bank Agrees To Settle Class Action Suit For Opening Unauthorized Accounts

Hogan Lovells Cadwalader
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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.

United StatesFinance and Banking
Hogan Lovells Cadwalader
Hogan Lovells Cadwalader
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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 ("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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