Keller Rohrback L.L.P.: Plaintiffs in Wells Fargo Account Scandal Seek Court Approval for $142 Million Settlement

Today the plaintiffs who filed the first class action lawsuit against
Wells Fargo related to unauthorized accounts asked a federal court in
San Francisco to preliminarily approve a $142 million settlement with
the bank designed to compensate customers nationwide. Keller
Rohrback L.L.P.
, which represent the plaintiffs, filed the
settlement papers in the case captioned Jabbari, et. al. v. Wells
Fargo & Company and Wells Fargo Bank, N.A
., Case No.
3:15-cv-02159-VC, in the United States District Court for the Northern
District of California.

This Smart News Release features multimedia. View the full release here:
http://www.businesswire.com/news/home/20170421005184/en/

Keller Rohrback L.L.P., which represent the plaintiffs who filed the first class action lawsuit agai ...

Keller Rohrback L.L.P., which represent the plaintiffs who filed the first class action lawsuit against Wells Fargo related to unauthorized accounts, asked a federal court in San Francisco to preliminarily approve a $142 million settlement with the bank designed to compensate customers nationwide. (Photo: Business Wire)

The filing shows that Wells Fargo agreed to increase the $110 million
settlement announced on March 28, 2017 by $32 million, and to extend the
Class Period back to May 1, 2002.

“Wells Fargo abused the trust of its customers, and the proposed $142
million settlement aims to reimburse Wells Fargo customers for the
damage caused by the bank’s conduct,” said Derek Loeser, a partner at
Keller Rohrback L.L.P. and attorney for the plaintiffs.

The settlement—if approved—compensates customers for fees charged on
unauthorized accounts, products, and services, compensates them for
damage to their credit resulting from Wells Fargo unauthorized accounts,
and provides additional compensation to all Class Members based on the
number of unauthorized accounts, products or services opened in their
names.

“The settlement is the result of hard-fought negotiations and our
refusal to accept Wells Fargo’s position that its victims had to
arbitrate their claims individually with the bank,” Loeser said.

Some key points about the preliminary approval process for the
settlement:

  • The plaintiffs are asking the court to preliminarily approve the
    settlement and to certify a settlement class so that court-approved
    notices can be mailed and publicized.
  • The proposed class consists of people for whom Wells Fargo opened an
    account in their name, enrolled them in a product or service, or
    submitted an application for a product or service in their name
    without consent during the period from May 1, 2002 through April 20,
    2017.
  • The Hon. Vince Chhabria, the federal judge overseeing the case, has
    scheduled a hearing on the plaintiffs’ motion to preliminarily approve
    the settlement on May 18. If the court preliminarily approves the
    settlement, information will be sent to class members about the
    settlement benefits before the court holds a final fairness hearing to
    decide whether to grant final approval to the settlement.

For more information, visit Keller
Rohrback L.L.P.’s website
.

Plaintiffs are represented by:

Derek
W. Loeser

Gretchen
Freeman Cappio

Daniel
P. Mensher

Keller Rohrback L.L.P.
1201 Third Avenue, Suite
3200
Seattle, WA 98101

Matthew
J. Preusch

Keller Rohrback L.L.P.
801 Garden Street, Suite
301
Santa Barbara, CA 93101

Jeffrey
Lewis

Keller Rohrback L.L.P.
300 Lakeside Drive, Suite 1000
Oakland,
California 94612

About Keller Rohrback

Keller Rohrback L.L.P. is a consumer-rights class-action law firm with
offices in 6 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 18 billion
dollars.

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 www.krcomplexlit.com,
or connect with us on Facebook,
Twitter
or LinkedIn.

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