#AceNewsReport – May.18: Both sides of Wells Fargo & Co.’s $142 million settlement over its fake-accounts scandal made last-ditch efforts to salvage the class-action pact after a federal judge voiced misgivings about some of its terms #AceNewsDesk
Wells Fargo, consumers try to rescue bogus-account settlement
// The Denver Post lawyers for the bank and customers submitted new information late Wednesday in an attempt to address U.S District Judge Vince Chhabria’s concerns that the deal shortchanges consumers and gives the lender protection from other legal claims.
Specifically, Chhabria raised doubts about the adequacy of the settlement Tuesday, less than a week after lawyers for customers released a new estimate that the bank may have opened as many as 3.5 million fraudulent accounts since 2002.
In a ruling, Chhabria asked lawyers on both sides a series of pointed questions about the settlement and gave them until the end of Wednesday…
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