Wells Fargo’s CEO Is ‘Pleased’ With the Preliminary Approval of a $142 Million Class-Action Settlement

July 10, 2017, 5:13 AM UTC
Aspen, Colorado
ASPEN, CO - JUNE 10, 2017: A sign hangs over the entrance to the Wells Fargo Bank in Aspen, Colorado. (Photo by Robert Alexander/Getty Images)
Robert Alexander—Getty Images

Wells Fargo & Co (WFCNP) president and chief executive Tim Sloan said the company is pleased a California judge has given preliminary approval to a $142 million settlement between Wells Fargo and a group of plaintiffs over its creation of false accounts.

The bank said it is preparing to issue notices that will provide information about the process for customers affected by the fraudulent account creation scheme to make claims.

For more on Wells Fargo, watch Fortune’s video:

“We are pleased that the court found the settlement to be fair, reasonable and adequate,” Sloan said in a statement. “This preliminary approval is a major milestone in our efforts to make things right for our customers.”

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