Judge approves $142M settlement in Wells Fargo sham accounts scandal

CHARLOTTE, N.C. — Millions of Wells Fargo customers are one step closer to receiving money following the bank's fake account scandal.

A federal judge has given preliminary approval for a class action lawsuit.

That could impact as many as 3.5 million people, including some who may have had multiple accounts opened in their name.

Over the weekend, a judge in California said the $142 million class-action settlement can move forward. The settlement impacts customers who had unauthorized Wells Fargo employees open accounts in their name dating back to 2002.

Over the next three months, customers will receive information about how to submit claims for settlement benefits.

Those who took a hit on their credit score because of the scandal could be entitled to more money, based on a specific formula.

Wells Fargo CEO Tim Sloan called the decision “a major milestone in our efforts to make things right for our customers.”

Payments won’t be made until after a final court ruling, which has been scheduled for Jan. 4, 2018.

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