Wells Fargo: Class-Action Settlement for Retail Sales Practices Approved by Court
June 15 2018 - 8:01AM
Business Wire
Final court approval another step forward in Wells Fargo’s
efforts to make things right for customers
Wells Fargo & Company (NYSE: WFC) today announced the
class-action lawsuit settlement concerning improper retail sales
practices (Jabbari v. Wells Fargo Bank, N.A.) received final
approval in a June 14 order from the U.S. District Court for the
Northern District of California.
“The court’s approval of the broad and far-reaching $142 million
settlement agreement is a significant step forward in making things
right for our customers and further restoring trust with all of
Wells Fargo’s stakeholders,” said Tim Sloan, Wells Fargo’s
President and Chief Executive Officer. “We are pleased with this
decision as it supports our efforts to help customers impacted by
improper retail sales practices and ensures they have every
opportunity for remediation.”
The settlement agreement sets aside funds for customer
remediation. The settlement class consists of all persons who claim
that Wells Fargo opened, without their consent, a consumer or small
business checking or savings account or an unsecured credit card or
line of credit or enrolled them, under certain circumstances, in
Identity Theft Protection services, in each case between May 1,
2002, and April 20, 2017.
The claims filing period for the settlement will remain open for
eligible current and former customers to submit claims through July
7 online at www.WFSettlement.com, or by calling 866-431-8549. After
the claims filing period ends, Wells Fargo and the plaintiffs will
move ahead to complete the process of determining each class
member’s recovery amount before making payments to eligible class
members.
Wells Fargo has previously accrued for the full amount of the
settlement.
The settlement agreement is one of the many steps Wells Fargo
has taken to make things right for customers who may have been
affected by improper retail sales practices. More information on
the actions Wells Fargo has taken is posted on Wells Fargo Stories
at: stories.wf.com/betterbank#.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.9 trillion in
assets. Wells Fargo’s vision is to satisfy our customers’ financial
needs and help them succeed financially. Founded in 1852 and
headquartered in San Francisco, Wells Fargo provides banking,
investments, mortgage, and consumer and commercial finance through
8,200 locations, 13,000 ATMs, the internet (wellsfargo.com) and
mobile banking, and has offices in 42 countries and territories to
support customers who conduct business in the global economy. With
approximately 265,000 team members, Wells Fargo serves one in three
households in the United States. Wells Fargo & Company was
ranked No. 25 on Fortune’s 2017 rankings of America’s largest
corporations. News, insights and perspectives from Wells Fargo are
also available at Wells Fargo Stories.
Cautionary Statement about Forward-Looking Statements
This news release contains forward-looking statements about our
future financial performance and business. Because forward-looking
statements are based on our current expectations and assumptions
regarding the future, they are subject to inherent risks and
uncertainties. Do not unduly rely on forward-looking statements as
actual results could differ materially from expectations.
Forward-looking statements speak only as of the date made, and we
do not undertake to update them to reflect changes or events that
occur after that date. For information about factors that could
cause actual results to differ materially from our expectations,
refer to our reports filed with the Securities and Exchange
Commission, including the “Forward-Looking Statements” discussion
in Wells Fargo’s most recent Quarterly Report on Form 10-Q as well
as to Wells Fargo’s other reports filed with the Securities and
Exchange Commission, including the discussion under “Risk Factors”
in our Annual Report on Form 10-K for the year ended December 31,
2017, available on its website at www.sec.gov.
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version on businesswire.com: https://www.businesswire.com/news/home/20180615005350/en/
MediaMary Eshet,
704-383-7777Mary.Eshet@wellsfargo.comorJim Seitz,
612-316-2447Jim.Seitz@wellsfargo.comorInvestor RelationsJohn
Campbell, 415-396-0523John.M.Campbell@wellsfargo.com
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