Class Action Seeks Redress for California Wells Fargo Account Holders

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A proposed class action has been filed against Wells Fargo & Company that seeks monetary damages, as well as an injunction, for the defendant’s alleged practice of fraudulently opening bank accounts under existing account holders’ names without permission. The lawsuit’s goal is to obtain compensation for all California account holders who were purported to “receive a free account with [the defendant] when purchasing the account, within the applicable statute of limitations period, but in fact received a different account in which they had funds deducted from their account on a reoccurring basis each month.”

The named plaintiffs behind the suit claim Wells Fargo misrepresented and falsely advertised to proposed class members that accounts would be free of charge with no attached fees. In truth, however, Wells Fargo would regularly “convert” these accounts to adult checking accounts and begin charging recurring fees without authorization, the suit alleges.