Keller Rohrback L.L.P.: Wells Fargo Agrees to Pay $110 Million to Resolve Consumers’ Class Action Lawsuit About Unauthorized Accounts
Wells Fargo has agreed to pay $110 million to resolve class action litigation brought by customers who accused the bank of opening unauthorized accounts.
Keller Rohrback L.L.P., the nationally-recognized complex litigation law firm that filed the first class action lawsuit stemming from the fake account scandal in 2015, announced the proposed class-wide settlement Tuesday in a Notice of Settlement filed in federal court in San Francisco. The case is 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.
The settlement was achieved nearly two years after Keller Rohrback filed the Jabbari complaint, and is the result of many months of hard-fought negotiations with the assistance of a neutral mediator, retired federal judge Layn R. Phillips.
“The $110 million settlement, if approved, will require Wells Fargo to repay the fees charged to class members by Wells Fargo for unauthorized accounts, and provide millions of dollars of additional monetary relief to the class,” said Derek Loeser, a partner at Keller Rohrback who helped negotiate the deal. “We believe this is an outstanding result obtained for the benefit of a proposed nationwide class, notwithstanding Wells Fargo’s effort to block the class action with an arbitration clause.”
The complete details of the settlement are expected to be made public in April, when the plaintiffs plan to ask the federal court to preliminarily approve the settlement on behalf of the proposed class. If the court preliminary approves the settlement, information will be sent to class members about the settlement benefits before the court holds a fairness hearing to decide whether to grant final approval to the settlement.
Plaintiffs are represented by:
Derek W. LoeserGretchen Freeman CappioDaniel P. MensherMatthew J. Preusch
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 eighteen billion dollars. More about the law firm and its successes can be found at www.krcomplexlit.com. or connect with us on Facebook, Twitter or LinkedIn.