The city of LA is accusing Wells Fago of predatory lending practices that targeted minority borrowers and led to the loss of property tax revenue, and the US District Court on Wednesday ruled that the city's claims were adequate for the case to proceed - Reuters Photo.
NEW YORK: Wells Fargo & Co may have opened as many as 3.5 million unauthorised customer accounts, far more than previously estimated, according to lawyers seeking approval of a US$142mil settlement over the practice.
The new estimate was provided in a filing on late Thursday night in the federal court in San Francisco, and is 1.4 million accounts higher than previously reported by federal regulators, in what became a national scandal. Keller Rohrback, a law firm for the plaintiff customers, said the higher estimate reflects “public information, negotiations, and confirmatory discovery”.
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