Wells Fargo $142 Million Settlement News 2024. A federal judge on tuesday gave his final blessing to a $480 million deal to resolve claims that wells fargo misled investors about a costly sham accounts scandal that tarnished the bank's reputation. The federal court overseeing the first class action lawsuit filed against wells fargo, related to unauthorized accounts, granted preliminary approval to a $142 million settlement designed to compensate wells fargo customers nationwide.

The ninth circuit rejected challenges to a $142 million settlement in a nationwide class action against wells fargo over its phony accounts scandal, finding the class satisfied the predominance requirement and the settlement was fair. Wells fargo must guarantee full compensation and credit history repairs for an estimated 2.73 million victims of its sham accounts scandal.