Wells Fargo to pay $142 million in fake account settlement

(NBC) - A judge has given preliminary approval to Wells Fargo’s plan to pay at least $142 million to customers who had fake accounts created in their names by employees.

This is part of a class action settlement involving claims regarding consumer and small business bank accounts, credit cards or loans over the past 15 years.

Customers would be compensated for the fees were charged based on the number of unauthorized accounts.

Wells Fargo still faces probes from federal and state regulators as well as several private lawsuits.

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