Posted by William Charles on September 8, 2017
Class Action Lawsuits

Published on September 8th, 2017 | by William Charles

18

Wells Fargo $142 Million Class Action Settlement For Unauthorized Account Openings & Identity Theft Protection Services

Wells Fargo Class Action Settlement

Direct link

  • Wells Fargo Credit Cards, lines of credit, checking or savings accounts opened or applied for in their name without their permission, or had authorized identity theft protection services from Wells Fargo, from May 1, 2002 to April 20, 2017

How Much Will You Receive?

  • At this stage that is unclear and will likely depend on your unique circumstances and also how many other claimants there are. The official website states that cash benefit may apply to the following:
    • A payment to compensate you for fees you may have paid in connection
    • Cash to compensate you for damages caused by harm to your credit.
    • Plus, any money remaining in the fund, after paying the benefits above and all

Important Dates

  • July 8th: Preliminary Approval Order Granted
  • Early Oct: Mailed Notice to Class Members & Online Claims Begin
  • December 5th: Deadline to Object or Ask to be Excluded from the Settlement
  • January 4th, 2018: Final Fairness Hearing
  • February 3rd, 2018: Deadline to File Claim

Final Thoughts

It’ll be interesting to see how much people actually receive if they were a victim of this unauthorized account opening, the main issue I have with class actions is that those affected generally don’t receive an amount that matches what they theoretically should receive. Either way if you’re eligible you should either participate or opt out if you want to seek your own legal action.

Hat tip to Travel With Grant 



18 Responses to Wells Fargo $142 Million Class Action Settlement For Unauthorized Account Openings & Identity Theft Protection Services

  1. PT says:

    Perhaps you mean $142 million? Otherwise, this settlement really won’t go very far.

  2. Josh says:

    How much DD is needed?

  3. captainsave says:

    Lol at the $142 class action settlement.

  4. Credit says:

    Class action settlements are a joke anyway. It’s the disingenuous but transparent act of Americans to pretend that they are law abiding and pursue justice.

    It’s not necessary that justice be done, it’s the pretension that justice is being done that let’s you claim the moral high ground.

  5. Superchurn says:

    Considering that WF opened a fraudulent savings account for me and wife, and us catching it while still in the bank after opening the checking accounts, I’ll go for the settlement. It’s an easy $100 and no damage to us was really done since we noticed immediately.

    Slimy fucking banker though…when i immediately objected to her falsifying our signatures on the savings accounts, she tried to brush off the fraud like it was no big deal, and agreed to close the accounts

    • Elmer says:

      I think you mean it’s an easy $0.05 for you and your wife to split. Don’t get your hopes up. $100 payout would be overly generous in this case after lawyer fees.

  6. TomTX says:

    Well, I had Wells Fargo fraudulently leave open a line of credit on a house I had sold, plus the associated checking and savings account I had for the relationship discount on the​ LoC and had closed at the same time. Don’t know how that fits in exactly.

  7. Heather says:

    I am wondering why those who authorized identity theft protection services are included in this lawsuit. I signed up for it knowingly, so I don’t know why I would be entitled to any money. I got a notice that I may be eligible though. Does anybody know the reason? Thanks!

  8. Handul says:

    How do I find out if they have my fraudulent account?

  9. Deb says:

    The other one we need is the one for mixing up and sharing personal information.

    Applied for a refinance, they said paperwork would come in the mail-look it over. Oh…btw-want a cc? Me-no. Paperwork comes. Application for hubby and ??? who is that woman? Look at all her info here! Where is my info?

    Next day-rejection letter for cc I said no to -so pissed-called and complained (but still thought-hey-what the? a rejection?). Day after that, new cc I didn’t apply for, even after rejection letter-UGGG! Never seen such a circus act.

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