“No one knows the true number of victims,” Christensen wrote in a court filing on May 14. He called for further investigation into the bank’s behavior, including details into its alleged “shredding parties” where documents detailing the fake accounts were destroyed.
He also faulted the bank’s record-keeping.
“On occasion, they allege the records are meticulously maintained, and constitute sufficient evidence to force a helpless customer/victim into arbitration," he said. “In the next breath, the CEO of the company publicly announced that many of the bank’s records were not reliable due to age and storage reasons.”
Supporters of the settlement say it’s probably impossible to identify every affected consumer. But the accord allows for the $142 million payout to be increased if enough customers file claims.
The case is Jabbari v. Wells Fargo & Co., 15-cv-02159, U.S. District Court, Northern District of California (San Francisco).
This article was provide by Bloomberg News.