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Wells Fargo Class’ $142M Deal Proceeds Over Objections

Law360, San Francisco (May 18, 2017, 7:21 PM EDT) -- A California federal judge on Thursday said he would likely approve a $142 million settlement between Wells Fargo and the owners of 3.5 million unauthorized bank accounts that were surreptitiously opened in their names, but he heard arguments from intervenors who said their related cases were worth more and broader in scope.

U.S. District Judge Vince Chhabria said he would conditionally grant preliminary approval for the deal, which creates a $142 million pot to be paid out to 3.5 million customers for whom sales representatives created...
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