Wells Fargo Raises Phony Account Estimate To 3.5M, Class Says
Law360, San Francisco (May 12, 2017, 5:42 PM EDT) -- Wells Fargo & Co. has increased the estimated number of unauthorized checking, savings and credit card accounts that its employees allegedly opened over the past 15 years to 3.5 million, according to a class action’s court documents filed in California federal court Thursday.
The San Francisco-based bank and a class of account holders estimate that between 2002 and 2017 Wells Fargo employees allegedly opened approximately 3.5 million unauthorized accounts, replacing the previous 2.1 million estimate, class counsel said in a May 11 reply memo. But the account holders cautioned that the higher number was calculated based on public information, negotiations and...
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