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Wells Fargo Sued Over Intentionally Underplaying Fake Account Scandal

March 18, 2024 Class Action

Wells Fargo Sued Over Intentionally Underplaying Fake Account Scandal

CaseyGerry is investigating allegations against financial powerhouse Wells Fargo for intentionally misleading customers who were affected by the 2016 fake account scandal. Between 2002 and 2016, millions of unauthorized Wells Fargo accounts were created, and customers enrolled in products such as life insurance without their consent.

In addition, customers were charged fees and interest for services they were enrolled in without their consent.

In addressing the scandal, Wells Fargo sent out letters to those impacted; however, customers reported that the letters were vague, misleading, and shifted the burden of action to the victims. Several lawsuits have been filed against the bank, with similar allegations that Wells Fargo intentionally aims to discourage those affected from taking action towards remediation. According to two lawsuits filed and reports by those impacted, the allegations against Wells Fargo regarding the letters were based on:

  • Appearance of the letters: According to lawsuits filed, the letters looked suspicious and resembled junk mail or phishing scams, which led to many discarding the letters and never seeking compensation.
  • Information: The information in the letters was vague, did not provide helpful information, and put the onus on the victim to act.
  • Proposed remediation: Those who responded to the letter were offered unfairly low compensation.
  • Time: The letters included a deadline to respond, with many recipients given 60 days to address the issue.

Wells Fargo is yet to provide the total amount in fees and other monies extracted from customers who were enrolled in several of the bank’s products without their authorization.

CaseyGerry is speaking to Wells Fargo customers who may have been impacted by the actions of Wells Fargo. If you are a current or past customer and received a letter from the bank regarding remediation for unauthorized enrollment in Wells Fargo products, please contact our attorneys at (619) 238-1811 to explore your legal options.