Wells Fargo Closer to Reaching Phony Accounts Settlement


Wells Fargo
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Wells Fargo

420 Montgomery St, San Francisco, 94163

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A California judge has granted a preliminary approval for Wells Fargo & Co's agreement to pay $142 million, and perhaps more, to customers whose credit scores were harmed by its employees creating fake accounts in their names, the bank said on Sunday.
Wells Fargo has previously said thousands of branch employees created as many as 2.1 million bank and credit card accounts in individuals' names without their permission to artificially hit sales goals. Lawyers representing the claimants said 3.5 million accounts were created, according to a May 12 story by the Los Angeles Times.