BRIEF-Wells Fargo announces agreement in principle to settle class action lawsuit regarding retail sales practices
March 28 Wells Fargo & Co -
* Wells Fargo announces agreement in principle to settle class action lawsuit regarding retail sales practices
* Settlement amount of $110 million will be set aside for customer remediation
* Wells Fargo had fully accrued for amount of the settlement at December 31, 2016
* Settlement class will include all persons who claim that Wells Fargo opened an account in their name without consent
* Expects settlement to resolve claims in 11 other pending class actions that unauthorized accounts were opened in customers' names or that customers were enrolled without their consent
* Wells Fargo & Co - "In order to move forward and avoid continued litigation, wells fargo agreed to this settlement notwithstanding arbitration clause"
* Settlement will include persons who says co enrolled them in product or service without consent from Jan 1, 2009, through date settlement agreement is executed
* Wells Fargo says settlement class will also include persons who says Wells Fargo submitted an application for a product or service in their name without consent Source text for Eikon: Further company coverage:
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