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Federal Court Approves $142M Settlement in Wells Fargo Scandal

The federal court overseeing the first class action lawsuit filed against Wells Fargo, related to unauthorized accounts, granted preliminary approval to a $142 million settlement designed to compensate Wells Fargo customers nationwide.

The court also appointed Keller Rohrback L.L.P., to represent the class of bank victims. The national consumer class action firm brought the case, captioned Jabbari, et. al. v. Wells Fargo & Company and Wells Fargo Bank, N.A., Case No. 3:15-cv-02159-VC, in the United States District Court for the Northern District of California in 2015.

The Court found on July 8, 2017, that for the purpose of preliminary approval, it is satisfied that the revised settlement is fair, reasonable, and adequate within the meaning of Rule 23.

The settlement compensates customers for fees charged on Wells Fargo unauthorized consumer or small business checking or savings accounts, unsecured credit cards, or unsecured lines of credit, compensates them for damage to their credit resulting from any unauthorized accounts, and provides additional compensation to all class members based on the number of unauthorized accounts opened in their names.

"We are pleased that the court has preliminarily approved this groundbreaking settlement that provides substantial monetary benefits and first-of-its-kind credit repair damage to customers. The settlement is an important component of holding Wells Fargo accountable for its abuse of its customers' trust," said Derek Loeser, a partner at Keller Rohrback L.L.P. and lead attorney for the plaintiffs.

Information will soon be sent to class members about the settlement benefits. Potential class members can also go to the settlement website, WFSettlement.com, or call (866) 431-8549 for more information. The court is scheduled to hold a final fairness hearing to decide whether to grant final approval on January 4, 2018.

The class covered by the settlement consists of people for whom Wells Fargo opened a consumer or small business checking or savings account, an unsecured credit card, or an unsecured line of credit, or submitted an application for one of these, without the customers consent during the period from May 1, 2002, through April 20, 2017. The class also consists of people who obtained Wells Fargo's Identity Theft Protection Services during the same time period.

Plaintiffs are represented by:

Derek W. Loeser
Gretchen Freeman Cappio
Daniel P. Mensher
Keller Rohrback L.L.P.
1201 Third Avenue, Suite 3200
Seattle, WA 98101

Matthew J. Preusch
Keller Rohrback L.L.P.
801 Garden Street, Suite 301
Santa Barbara, CA 93101

Jeffrey Lewis
Keller Rohrback L.L.P.
300 Lakeside Drive, Suite 1000
Oakland, CA 94612

Keller Rohrback L.L.P. is a consumer-rights class-action law firm with offices in 6 locations. Its trial lawyers have obtained judgments and settlements on behalf of clients in excess of $18 billion.

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