Wells Fargo may have created millions more false accounts than thought, court filing alleges

DENVER BUSINESS JOURNAL - Wells Fargo & Co. may have created as many as 3.5 million unauthorized accounts since 2002, much more than the 2 million the bank has previously admitted creating, according to a filing in court this week.

In the filing ( download here), made late Thursday with the U.S. District Court in San Francisco, the attorneys negotiating a settlement with the bank say the new figure was calculated based on“public information, negotiations, and confirmatory discovery.”

Wells Fargo was part of the filing as part of a larger class-action lawsuit against it.

"This number may well be over-inclusive, but provides a reasonable basis on which to estimate a maximum recovery," the filing says.

Read more at Denver Business Journal.

© 2017 American City Business Journals.


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