A federal judge yesterday formally approved a $142 million settlement to
compensate customers injured by the Wells Fargo (NYSE:WFC) “unauthorized
account” scandal. The settlement, negotiated by Seattle-based law firm
Keller Rohrback L.L.P., includes a first-of-its-kind mechanism to repay
Wells Fargo victims for increased borrowing costs incurred because of a
change to their credit score, together with credit repair services to
reverse the harm itself. Wells Fargo customers who believe an
unauthorized account was opened in their name still have time to file a
The order was issued by the Hon. Vince Chhabria, the judge presiding
over the class action. Judge Chhabria’s order stated that the settlement
“represents a successful outcome” for the class, which the settlement
will provide with “significant monetary benefits.”
“We are pleased that the Court has granted final approval of the
settlement so that the victims of Wells Fargo’s unauthorized account
debacle can receive the innovative and substantial relief provided by
this class action settlement,” said Derek Loeser, a partner at Keller
Rohrback L.L.P. and lead counsel for the nationwide class.
Under the settlement, class members with valid claims are entitled three
kinds of compensation:
Full details of the settlement, including a description of the
first-of-its-kind credit damages model, are at www.wfsettlement.com, the
official settlement website.
For any Wells Fargo customers who think they may have had an
unauthorized account opened in their name, there is still plenty of time
to file a claim. The deadline to file claims is July 7, 2018.
Information on how to file a claim is at www.wfsettlement.com.
As of the beginning of this month, nearly half a million claim forms had
been filed, with many forms identifying multiple unauthorized accounts.
“The reaction of class members to this settlement has been
overwhelmingly positive,” Loeser said.
About Keller Rohrback
Keller Rohrback L.L.P. is a consumer-rights class action law firm with
offices in six locations. Our Complex Litigation Group is proud to offer
its expertise to clients nationwide, and our trial lawyers have obtained
judgments and settlements on behalf of clients in excess of $23.25
billion. The firm’s record of success includes settlements with numerous
Fortune 500 companies accused of cheating their employees and customers.
Recently, managing partner Lynn Sarko was appointed to the Plaintiffs’
Steering Committee in the landmark Volkswagen “Clean Diesel” litigation.
More about the law firm and its successes can be found at krcomplexlit.com,
or connect with us on Facebook, Twitter or LinkedIn.
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