Published on September 8th, 2017 | by William Charles18
Wells Fargo $142 Million Class Action Settlement For Unauthorized Account Openings & Identity Theft Protection Services
Wells Fargo Class Action Settlement
- 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
- 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
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