Objectors Blast Wells Fargo’s 'Tiny' $142M Fraud Deal

Law360 (February 13, 2020, 9:58 PM EST) -- A group of objectors urged the Ninth Circuit on Thursday to reject Wells Fargo’s $142 million deal resolving class claims alleging the bank opened 3.5 million unauthorized accounts, arguing that the $21 million attorney fee award is too high and the case settled for a “tiny percentage” of the potential damages.

During a hearing in San Francisco, four different attorneys representing objecting class members asked a three-judge panel to vacate Wells Fargo & Co.’s settlement, attorney fees and class certification order and remand the case to U.S. District Judge Vince Chhabria.

Albert Bacharach Jr. argued that the class action settlement is...

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