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Judge to grant final approval to Wells' $142M fake-accounts suit settlement

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Judge to grant final approval to Wells' $142M fake-accounts suit settlement

San Francisco District Judge Vince Chhabria agreed to issue an order granting final approval to Wells Fargo & Co.'s proposed $142 million settlement for a class-action lawsuit related to the unauthorized opening of customer accounts, Bloomberg News reported May 30.

Under the settlement which the judge called as "rough justice" and "an imperfect solution" each customer affected by the improper retail sales practice will receive an average of $35 from Wells Fargo, according to the report.

The fake accounts scandal was brought to light in September 2016, when regulators fined the banking company $185 million.

Final approval of the settlement is expected to be delayed until at least June 4 because consumer attorneys who negotiated the deal are yet to file additional documents, the report added.

Lawyer Steven Christensen said that consumers from Utah and Texas intend to appeal the approved settlement, according to Bloomberg.