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. The bank at the time of that settlement said it had set aside $5 million for customer refunds.
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."
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