http://www.latimes.com/business/la-fi-wells-fargo-accounts-20170831-story.html
Wells Fargo & Co. potentially opened 3.5 million accounts in customers' names without those customers' knowledge or consent — far more than the 2.1 million that were previously identified, according to an independent review, the San Francisco bank said Thursday.
The 3.5-million figure echoes an estimate given in the spring by attorneys in a class-action lawsuit with the bank. They negotiated a settlement based on that figure, so Wells Fargo is not expected to face vast additional payouts.
The bank said Thursday that the analysis by PwC, which it previously announced was coming, looked at a larger time frame than the original review.
The expanded review looked at more than 165 million retail banking accounts opened between January 2009 and September 2016. The initial analysis reviewed 93.5 million current and former customer accounts opened between May 2011 and mid-2015.
Wells Fargo & Co. potentially opened 3.5 million accounts in customers' names without those customers' knowledge or consent — far more than the 2.1 million that were previously identified, according to an independent review, the San Francisco bank said Thursday.
The 3.5-million figure echoes an estimate given in the spring by attorneys in a class-action lawsuit with the bank. They negotiated a settlement based on that figure, so Wells Fargo is not expected to face vast additional payouts.
The bank said Thursday that the analysis by PwC, which it previously announced was coming, looked at a larger time frame than the original review.
The expanded review looked at more than 165 million retail banking accounts opened between January 2009 and September 2016. The initial analysis reviewed 93.5 million current and former customer accounts opened between May 2011 and mid-2015.