Wells Fargo & Co.’s disclosure that its salespeople opened significantly more potentially unauthorized accounts than previously stated may jeopardize the $142 million class action settlement with customers that won preliminary approval from a judge in July.
The scandal came to light almost a year ago, after regulators slapped Wells Fargo with fines of $185 million over its sales practices, prompting congressional hearings and resulting in the bank naming new leaders, clawing back executives’ pay and beginning an overhaul of its retail division.
