Wells Fargo Expands Settlement Scope in Phony Accounts Litigation

[kreslik.news]

Wells Fargo & Co. (WFC), one of the U.S. largest banks, said it would expand the financial terms of a class action settlement related to claims that the lender’s employees secretly opened millions of unauthorized accounts for their customers in order to meet aggressive sales goals.

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The embattled bank will add $32 million to the previous agreement for a total settlement of $142 million, Reuters reports. The scope of the settlement is being expanded to include customers who had unauthorized accounts opened in their name as early as ... (read more)