Wells Fargo: Class-Action Settlement for Retail Sales Practices Approved by Court

Final court approval another step forward in Wells Fargo’s efforts to make things right for customers

SAN FRANCISCO--()--Wells Fargo & Company (NYSE: WFC) today announced the class-action lawsuit settlement concerning improper retail sales practices (Jabbari v. Wells Fargo Bank, N.A.) received final approval in a June 14 order from the U.S. District Court for the Northern District of California.

The court’s approval of the broad and far-reaching $142 million settlement agreement is a significant step forward in making things right for our customers and further restoring trust with all of Wells Fargo’s stakeholders,” said Tim Sloan, Wells Fargo’s President and Chief Executive Officer. “We are pleased with this decision as it supports our efforts to help customers impacted by improper retail sales practices and ensures they have every opportunity for remediation.”

The settlement agreement sets aside funds for customer remediation. The settlement class consists of all persons who claim that Wells Fargo opened, without their consent, a consumer or small business checking or savings account or an unsecured credit card or line of credit or enrolled them, under certain circumstances, in Identity Theft Protection services, in each case between May 1, 2002, and April 20, 2017.

The claims filing period for the settlement will remain open for eligible current and former customers to submit claims through July 7 online at www.WFSettlement.com, or by calling 866-431-8549. After the claims filing period ends, Wells Fargo and the plaintiffs will move ahead to complete the process of determining each class member’s recovery amount before making payments to eligible class members.

Wells Fargo has previously accrued for the full amount of the settlement.

The settlement agreement is one of the many steps Wells Fargo has taken to make things right for customers who may have been affected by improper retail sales practices. More information on the actions Wells Fargo has taken is posted on Wells Fargo Stories at: stories.wf.com/betterbank#.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investments, mortgage, and consumer and commercial finance through 8,200 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2017 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.

Cautionary Statement about Forward-Looking Statements

This news release contains forward-looking statements about our future financial performance and business. Because forward-looking statements are based on our current expectations and assumptions regarding the future, they are subject to inherent risks and uncertainties. Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the “Forward-Looking Statements” discussion in Wells Fargo’s most recent Quarterly Report on Form 10-Q as well as to Wells Fargo’s other reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2017, available on its website at www.sec.gov.

Contacts

Media
Mary Eshet, 704-383-7777
Mary.Eshet@wellsfargo.com
or
Jim Seitz, 612-316-2447
Jim.Seitz@wellsfargo.com
or
Investor Relations
John Campbell, 415-396-0523
John.M.Campbell@wellsfargo.com

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Release Summary

Wells Fargo today announced class-action settlement concerning improper retail sales practices (Jabbari v. Wells Fargo) received final approval.

Wells Fargo & Company