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Judge gives preliminary OK to Wells Fargo's $480M settlement in accounts suit

A federal judge in San Francisco granted preliminary approval to Wells Fargo & Co.'s proposed $480 million settlement for a class-action lawsuit related to the unauthorized opening of customer accounts, the Los Angeles Times reported Sept. 5.

The settlement deal was reached in May. The preliminary approval of the settlement allows affected bank shareholders to file claims.

In late May, a San Francisco district judge agreed to grant final approval of the bank's proposed $142 million settlement in connection with improper sales practices.