Judge approves $142M settlement in Wells Fargo sham accounts scandal

Credit: DaytonDailyNews

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Judge Approves $142M Settlement In Wells Fargo Sham Accounts Scandal

Credit: DaytonDailyNews

Millions of Wells Fargo customers are one step closer to receiving money following the bank's fake-account scandal.

A federal judge has given preliminary approval for a class action lawsuit.

That could impact as many as 3.5 million people, including some who may have had multiple accounts opened in their name.

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On Sunday, a judge in California said the $142 million class-action settlement can move forward. The settlement impacts customers in whose names Wells Fargo employees opened unauthorized accounts dating back to 2002.

Over the next three months, customers will receive information about how to submit claims for settlement benefits.

Those who took a hit on their credit score because of the scandal could be entitled to more money, based on a specific formula.

Wells Fargo CEO Tim Sloan called the decision “a major milestone in our efforts to make things right for our customers.”

Payments won’t be made until after a final court ruling, which has been scheduled for Jan. 4, 2018.