Final court approval another step forward in Wells Fargo’s efforts to make things right for customers
Wells Fargo & Company (NYSE: WFC) today announced the class-action
lawsuit settlement concerning improper retail sales practices (Jabbari
v. Wells Fargo Bank, N.A.) received final approval in a June 14
order from the U.S. District Court for the Northern District of
California.
“The court’s approval of the broad and far-reaching $142 million
settlement agreement is a significant step forward in making things
right for our customers and further restoring trust with all of Wells
Fargo’s stakeholders,” said Tim Sloan, Wells Fargo’s President and Chief
Executive Officer. “We are pleased with this decision as it supports our
efforts to help customers impacted by improper retail sales practices
and ensures they have every opportunity for remediation.”
The settlement agreement sets aside funds for customer remediation. The
settlement class consists of all persons who claim that Wells Fargo
opened, without their consent, a consumer or small business checking or
savings account or an unsecured credit card or line of credit or
enrolled them, under certain circumstances, in Identity Theft Protection
services, in each case between May 1, 2002, and April 20, 2017.
The claims filing period for the settlement will remain open for
eligible current and former customers to submit claims through July 7
online at www.WFSettlement.com,
or by calling 866-431-8549. After the claims filing period ends, Wells
Fargo and the plaintiffs will move ahead to complete the process of
determining each class member’s recovery amount before making payments
to eligible class members.
Wells Fargo has previously accrued for the full amount of the settlement.
The settlement agreement is one of the many steps Wells Fargo has taken
to make things right for customers who may have been affected by
improper retail sales practices. More information on the actions Wells
Fargo has taken is posted on Wells
Fargo Stories at: stories.wf.com/betterbank#.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based
financial services company with $1.9 trillion in assets. Wells Fargo’s
vision is to satisfy our customers’ financial needs and help them
succeed financially. Founded in 1852 and headquartered in San Francisco,
Wells Fargo provides banking, investments, mortgage, and consumer and
commercial finance through 8,200 locations, 13,000 ATMs, the internet
(wellsfargo.com) and mobile banking, and has offices in 42 countries and
territories to support customers who conduct business in the global
economy. With approximately 265,000 team members, Wells Fargo serves one
in three households in the United States. Wells Fargo & Company was
ranked No. 25 on Fortune’s 2017 rankings of America’s largest
corporations. News, insights and perspectives from Wells Fargo are also
available at Wells
Fargo Stories.
Cautionary Statement about Forward-Looking Statements
This news release contains forward-looking statements about our future
financial performance and business. Because forward-looking statements
are based on our current expectations and assumptions regarding the
future, they are subject to inherent risks and uncertainties. Do not
unduly rely on forward-looking statements as actual results could differ
materially from expectations. Forward-looking statements speak only as
of the date made, and we do not undertake to update them to reflect
changes or events that occur after that date. For information about
factors that could cause actual results to differ materially from our
expectations, refer to our reports filed with the Securities and
Exchange Commission, including the “Forward-Looking Statements”
discussion in Wells Fargo’s most recent Quarterly Report on Form 10-Q as
well as to Wells Fargo’s other reports filed with the Securities and
Exchange Commission, including the discussion under “Risk Factors” in
our Annual Report on Form 10-K for the year ended December 31, 2017,
available on its website at www.sec.gov.
