Wells Fargo Will Pay $110 Million Class Action Lawsuit

It’s better than nothing!

Photo credit: Mike Mozart, CC BY 2.0.

Last week I wrote about Wells Fargo’s new ATM app, although my post was less about the app than the question “why aren’t we still talking about the fake account scandal?”

Turns out we are. To the tune of $110 million—even though, as Consumerist notes, it should have been more:

Wells Fargo is currently facing — and trying to get out of — a dozen class action lawsuits involving a fake account fiasco that saw bank employees opening millions of bogus, unauthorized accounts in customers’ names. Now Wells says it has agreed to settle the oldest of those disputes, and that the settlement could close the books on the other complaints.
According to the bank, it has reached an agreement in principle to settle a lawsuit brought in May 2015 for $110 million.

One is better than none, I guess—which is something Wells Fargo should have thought of before it started setting new account targets that were so high they incentivized and/or pressured employees to open up fake accounts for existing customers.

But hey, at least a few of those customers will get a little money out of this.