The Wells Fargo class action lawsuit payout is the result of a class action lawsuit that was filed against the banking giant in 2016. The lawsuit alleged that Wells Fargo had misled customers about the fees and charges associated with their accounts and had engaged in other deceptive practices. In 2018, the bank reached a settlement with the plaintiffs, agreeing to pay $480 million in damages and legal fees to the affected customers. This settlement is the largest ever paid out in a consumer banking class action lawsuit.
The Wells Fargo class action lawsuit payout was made available to customers who had accounts with the bank between May 1, 2002, and April 8, 2016. Customers were eligible to receive compensation if they had accounts with the bank during this time. Those who had accounts with the bank during the 14-year period can now receive compensation for any losses they may have suffered due to the deceptive practices of Wells Fargo.
What Did Wells Fargo Do Wrong?
The Wells Fargo class action lawsuit alleged that the bank had engaged in several deceptive practices. These practices included charging customers’ accounts for services they had not requested or authorized, opening unauthorized accounts in customers’ names, and transferring money from customers’ accounts without their knowledge or consent. The lawsuit also alleged that Wells Fargo had misled customers about the fees and charges associated with their accounts.
The deceptive practices of Wells Fargo led to the filing of a class action lawsuit against the company in 2016. The lawsuit sought to hold the bank accountable for its actions and to provide compensation to the customers who had been harmed by the bank’s deceptive practices. After two years of negotiations, Wells Fargo agreed to pay out $480 million in damages and legal fees to the affected customers.
How Will Affected Customers Receive Their Payouts?
The Wells Fargo class action lawsuit payout will be distributed to affected customers in two stages. The first stage will involve a direct payment to the customers who had accounts with the bank between May 1, 2002, and April 8, 2016. These customers will receive a payment of $75 for each year they had accounts with the bank. The second stage of the payout will involve a process of claims review and an additional payment to customers who can demonstrate that they suffered losses due to the deceptive practices of Wells Fargo.
What Are the Deadline for Wells Fargo Class Action Lawsuit Payouts?
The Wells Fargo class action lawsuit payout will be distributed to affected customers in two stages. The deadline for the direct payment to customers is October 17, 2021. Customers who wish to receive additional payments must file a claim by April 8, 2020. The deadline for these claims is April 8, 2021.
What Other Remedies Are Available to Affected Customers?
In addition to the Wells Fargo class action lawsuit payout, affected customers may also be eligible for additional remedies. Customers may be able to seek reimbursement for unauthorized fees, charges, and/or transfers from their accounts. Customers may also be able to seek reimbursement for funds that were transferred from their accounts without their knowledge or consent. Additionally, customers may be able to seek compensation for any financial losses they suffered due to the deceptive practices of Wells Fargo.
Conclusion
The Wells Fargo class action lawsuit payout is the result of a class action lawsuit filed against the banking giant in 2016. The lawsuit alleged that Wells Fargo had misled customers about the fees and charges associated with their accounts and had engaged in other deceptive practices. In 2018, the bank reached a settlement with the plaintiffs, agreeing to pay $480 million in damages and legal fees to the affected customers. This settlement is the largest ever paid out in a consumer banking class action lawsuit.
Customers who had accounts with the bank between May 1, 2002, and April 8, 2016 are eligible to receive compensation for any losses they may have suffered due to the deceptive practices of Wells Fargo. The deadline for the direct payment to customers is October 17, 2021, and the deadline for claims is April 8, 2021. In addition to the Wells Fargo class action lawsuit payout, affected customers may also be eligible for additional remedies.