Wells Fargo & Co. on Tuesday agreed to pay $110 million to settle class-action lawsuits related to the bank’s practice of opening accounts without customers’ authorization. The settlement, if approved by a federal judge in San Francisco, would provide payouts to all Wells Fargo customers who say they were victims of the bank’s practices and potentially resolve a dozen pending class-action cases. Last September, Wells Fargo agreed to pay $185 million in penalties to settle that suit and investigations by the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency, a federal bank regulator. But Tuesday’s agreement puts a much bigger dollar figure on the amount of compensation the bank’s customers could receive. “The $110-million settlement, if approved, will require Wells Fargo to repay the fees charged to class members by Wells Fargo for unauthorized accounts and provide millions of dollars of additional monetary relief to the class,” said Derek Loeser, one of the attorneys who negotiated the settlement.

Source: Los Angeles Times March 28, 2017 21:59 UTC