Wells Fargo & Co.
said Friday it is expanding the class-action settlement for its retail sales practices by $32 million, bringing the total to $142 million. The settlement will now include customers who were impacted by the bank’s retail sales practices as early as May of 2002, the bank said in a statement. Wells Fargo became the subject of a major scandal last year, when it admitted that employees had opened as many as 2 million accounts without customer authorization between 2011 and 2016 to meet sales targets. The bank said the new agreement has been submitted to the Northern District of California court. Wells Fargo is expecting this latest move to resolve claims in 11 other pending class actions regarding unauthorized accounts that were opened in customers names without their consent. Shares were slightly higher in premarket trade, but are down 3% in 2017, while the S&P 500
has gained 5%.