Outcome: $10 Million
Wallace v. Wells Fargo & Co. and Wells Fargo Bank, N.A., 17CV317775, Superior Court of California for the County of Santa Clara
For years, Wells Fargo profited off its most vulnerable customers by unlawfully charging them overdraft fees for non-recurring debit card transactions. Unlike some of its competitors, Wells Fargo was largely insulated from class action litigation regarding its unlawful overdraft practices because of its arbitration agreement. Fortunately for consumers, Hassan Zavareei and his team defeated that arbitration agreement and obtained a class-wide common fund settlement of $10.5 million. This excellent settlement (which represents 50% of total damages) not only helps customers, but also punishes the bank for its wrongdoing and deters future wrongdoing that largely affects the working poor, the elderly, students, and communities of color.