Wells Fargo: Proposed class-action settlement for retail sales practices receives preliminary court
Wells Fargo press release ------- Wells Fargo & Company (NYSE: WFC) today announced updates to the settlement agreement for a class-action lawsuit concerning improper retail sales practices (Jabbari v. Wells Fargo & Co., et al.) following a July 8 order from the U.S. District Court for the Northern District of California granting preliminary approval. With the court’s preliminary approval of the settlement agreement, Wells Fargo and the plaintiffs are preparing to issue notices that will provide information about the process for making claims. “We are pleased that the court found the settlement to be fair, reasonable and adequate. This preliminary approval is a major milestone in our efforts to make things right for our customers,” said Tim Sloan, Wells Fargo’s President and Chief Executive Officer. “It further ensures each customer impacted by an improper retail sales practice has every opportunity for remediation. This is in addition to our direct efforts to review accounts and provide remediation. These efforts are fundamental to restoring trust with all our stakeholders and building a better Wells Fargo for the future.” To get more in depth information click on the picture below to read the release.