• About Us
  • Write For Us
  • Advertising
  • Support
  • Contact Us
June 2, 2023 8:13 pm CDT
LISTEN LIVE:
No Result
View All Result
Heartland Newsfeed
Call Now: 844-592-0768
ADVERTISEMENT
  • Illinois
    • Local
      • Capital Area
      • East Central Illinois
      • West Central Illinois
    • Regional
      • Chicagoland
      • Metro-East
      • Northern Illinois
      • Quad Cities
      • Southern Illinois
    • Obits
    • Executive Watch
    • Legislative Watch
    • Road Conditions
      • Illinois
    • Weather Closings
      • Central Illinois
  • Missouri
    • Regional
      • Northeastern Missouri
      • East Central Missouri
      • St. Louis Metro
      • Southeast Missouri
    • Executive Watch
    • Legislative Watch
    • Weather Closings
      • Greater STL Metro (IL/MO)
    • Road Conditions
      • Missouri
  • Weather
  • National
  • World
  • Sports
    • Basketball
      • NBA
    • Bowling
    • Boxing
    • Football
      • Arena Football
      • CFL
      • NFL
      • XFL
      • USFL
    • Golf
      • PGA
    • Hockey
      • NAHL
      • NHL
    • MLB
      • MiLB
    • MMA
      • UFC
    • NCAA
      • Basketball
      • Football
    • Olympics
    • Preps
    • Racing
      • Horse Racing
      • NASCAR
    • Soccer/Futbol
      • Bundesliga
      • Champions League
      • FIFA
      • La Liga
      • MLS
      • NWSL
      • Premier League
      • U.S. National Soccer
      • USL
      • USL Championship
    • Tennis
    • Wrestling
      • AEW
      • Independents
      • MLW
      • NJPW
      • NWA
      • ROH
      • WWE
  • Entertainment
    • Crossword
    • News Quiz
  • Opinion
    • Letters To The Editor
    • Editorial
    • Columnists
  • Radio
    • Affiliates
    • Live Video
      • HLNF Live
      • RTMP Direct
    • Network Schedule
    • Network Streams
    • Podcasts
      • Radio Network
      • Podcast Network
  • Features
    • Classifieds
      • Current Ads
      • Job Board
        • Job Listings
        • J2CTalroo
        • Post a Job
        • Receive Alerts
        • ZipSearch
    • Community Calendar
    • News Feeds
      • Statehouse
      • Legislative
      • Breaking News
  • Store
  • Deals
  • Calendar

No products in the cart.

Heartland Newsfeed
No Result
View All Result

Wells Fargo to pay $142M in class-action settlement of fake accounts

United Press International by United Press International
July 10, 2017
in Business & Lifestyle, Business News, Financial News, Illinois, National
Reading Time: 2 mins read
Donate
0

Allen Cone
United Press International

SAN FRANCISCO (UPI) — A federal judge has approved a plan for Wells Fargo & Co. to pay $142 million in a class action suit involving customers of fake accounts.

U.S. District Vince Chhabria ruled on Saturday in San Francisco the settlement was “fair, reasonable and adequate.”

Wells Fargo Bank will pay $142 million in a class action suit involving customers of fake accounts. (File photo by Ken Wolter/Shutterstock.com)

Last year, Wells Fargo admitted that 2 million potentially unauthorized checking and credit card accounts were opened between 2011 and 2015. In September, federal Consumer Financial Protection Bureau fined the banking giant $185 million. Also, Wells Fargo fired more than 5,300 employees who part of the scam.

In the class action case, compensated will be customers that had improperly opened checking or savings accounts, credit cards, lines of credit or identity theft services between 2002 and April 2017. Also getting money will be customers whose credit score dropped because of a fake account.

Payments will depend on “how much the credit score declined, the type and size of the subsequent authorized credit product, and other factors,” the company said. Customers will be notified in the next three months with details on how to start a claim.

If costs surpass $142 million, the company will contribute additional funds to the settlement, it said.

First allocated from the funds will be lawyer fees and administrative costs. Then Wells Fargo customers will be paid for out-of-pocket losses. What’s left will be split among all customers, based on how many and what kind of accounts they say were opened.

The bank and plaintiff lawyers will be contacting customers in the next three weeks and the settlement might not be final in early next year.

More information is available at www.wfsettlement.com, and Wells Fargo has established a hotline at 877-924-8697.

“We are pleased that the court found the settlement to be fair, reasonable and adequate,” Wells Fargo CEO Tim Sloan said in a statement Sunday. “It further ensures each customer impacted by an improper retail sales practice has every opportunity for remediation.”

Wells Fargo still faces 10 other class action lawsuits but the settlement will “resolve substantially all claims” in the other pending class actions, it said. Investigations are also being conducted by states, other federal agencies and the Securities and Exchange Commission.

Wells Fargo is based in San Francisco but its biggest employee hub is in Charlotte, N.C.

United Press International
+ posts

United Press International is an international news agency whose newswires, photo, news film, and audio services provided news material to thousands of newspapers, magazines and radio and television stations for most of the 20th century.

  • United Press International
    https://www.heartlandnewsfeed.com/author/upi/
    Coinbase to lay off more than 900 employees
  • United Press International
    https://www.heartlandnewsfeed.com/author/upi/
    At least 10 injured in Iowa soybean plant explosion
  • United Press International
    https://www.heartlandnewsfeed.com/author/upi/
    Mike Braun files to run for Indiana governor
  • United Press International
    https://www.heartlandnewsfeed.com/author/upi/
    Samsung announces disappointing 3Q results

Share this:

  • Twitter
  • Facebook
  • LinkedIn
  • Reddit
  • Tumblr
  • Telegram
  • Print
  • Email

Like this:

Like Loading...
Tags: $142MaccountsclassactionFAKEFargosettlementWells
Share196Tweet123Share5Send
.
ADVERTISEMENT
  • Five things you should know before purchasing auto insurance

    674 shares
    Share 270 Tweet 169
  • Nokomis council passes dumpster ordinance

    550 shares
    Share 220 Tweet 138
  • Illinois to see two gas hikes in 2023

    543 shares
    Share 217 Tweet 136
  • Viola Armstrong, 92, Pana

    537 shares
    Share 215 Tweet 134
  • Leto Voudrie, 83, Moweaqua

    535 shares
    Share 214 Tweet 134

HOURS AND INFO

800 Capps Ave.
Nokomis, IL 62075-1415
admin@heartlandnewsfeed.com
Online all the time 
Office Hours: 8 AM to 8 PM
Newsroom: (217) 569-4230
Listen Line: 
(217) 569-4230 ext. 1
Advertising: 
(217) 718-5281
After-Hours: 
(217) 565-9709 / (217) 565-9273

Sitemap | Published Press | Privacy Policy
Staff Email | Independent Media

LIVE WEBSITE VIEWERS

.
ADVERTISEMENT

DEADLINES

Daily: 11 p.m. Central
Weekend
: 11 p.m. Central
Sports: 11 p.m. Central

Upcoming deadlines
TBD

Some rights reserved 2017-2023 by Heartland Newsfeed, a subsidiary partnership by Heartland Internet Media Networks and Heartland Media Group of Central Illinois LLC. Content published by Heartland Newsfeed staff is covered by the BipCot NoGov license. This allows use and re-use by anyone except governments and government agents. License on record. JNews theme designed and developed by Jegtheme.

No Result
View All Result
  • Home
  • News
    • Politics
    • Business
    • World
    • Science
  • Entertainment
    • Gaming
    • Music
    • Movie
    • Sports
  • Tech
    • Apps
    • Gear
    • Mobile
    • Startup
  • Lifestyle
    • Food
    • Fashion
    • Health
    • Travel

Some rights reserved 2017-2023 by Heartland Newsfeed, a subsidiary partnership by Heartland Internet Media Networks and Heartland Media Group of Central Illinois LLC. Content published by Heartland Newsfeed staff is covered by the BipCot NoGov license. This allows use and re-use by anyone except governments and government agents. License on record. JNews theme designed and developed by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

00:00
00:00
WP Radio
WP Radio
OFFLINE LIVE
%d bloggers like this: