Wells Fargo Agrees to Pay $110 Million to Settle Lawsuits Over Unauthorized Accounts

Pedestrians pass a Wells Fargo bank branch in lower Manhattan on April 15, 2016, in New York City. (Credit: Spencer Platt/Getty Images)

Wells Fargo & Co. on Tuesday agreed to pay $110 million to settle class-action lawsuits related to the bank’s practice of opening accounts without customers’ authorization.

The settlement, if approved by a federal judge in San Francisco, would provide payouts to all Wells Fargo customers who say they were victims of the bank’s practices and potentially resolve a dozen pending class-action cases.

Payouts from the settlement would be on top of any money customers have already received as part of a settlement last year with the Los Angeles city attorney’s office and federal regulators.

In a statement Tuesday, Wells Fargo Chief Executive Tim Sloan called the settlement agreement “another step in our journey to make things right with customers and rebuild trust.”

Click here to read the full story on LATimes.com.