SAN JOSE, CA – On July 14, 2021, Superior Court of California, County of Santa Clara Judge Patricia Lucas granted preliminary approval of a $10,536,098 class action settlement in Wallace v. Wells Fargo.
In the lawsuit, Wallace alleged that Wells Fargo breached its contract with account holders who had not opted in to Wells Fargo’s overdraft service which promised that Wells Fargo would not charge overdraft fees for non-recurring transactions. Wallace further alleged that Wells Fargo violated California Consumer protection law by making misrepresentations about these overdraft fees in its account documents.
Under the settlement, Plaintiff Larry Wallace and qualifying class members who were charged such fees for Uber/Lyft transactions will receive cash payments in exchange for the release of their claims.
“We are pleased that Judge Lucas granted preliminary approval of the settlement,” said Annick M. Persinger, one of the firm’s partners handling the matter. “The $10 million settlement represents an excellent result for consumers. We are delighted that under the settlement the class of account holders will automatically receive cash payments from the fund.”
About Tycko & Zavareei LLP
Tycko & Zavareei LLP was founded in 2002 by Jonathan Tycko and Hassan Zavareei, experienced practitioners intent on building a new kind of practice – a private law firm with top-tier attorneys serving the public interest. The Firm’s partners and associates are graduates from the nation’s finest colleges and law schools, having served in prestigious clerkships, critical government positions, the military, the public interest sector, or prestigious law firms around the nation. With offices in Washington, DC, as well as Oakland and Los Angeles, California, Tycko & Zavareei LLP lawyers routinely handle large and complex matters for individuals fighting for their civil rights, consumers seeking redress for unfair business practices, whistleblowers exposing fraud and corruption, tenants’ associations battling to preserve decent and affordable housing, and non-profit entities and businesses facing difficult litigation. More information is available at https://www.tzlegal.com.