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Lawsuits/Arbitrations

Wells Fargo Settles Employee O’T Suit

March 1, 2017

Wells Fargo agreed to pay $2.46 million to over 1,000 employees to settle a lawsuit accusing the company of cheating workers on pay. The SF-based bank “intentionally” deducted wages and it withheld so much overtime pay that financial advisers, from 2009 to 2016, were making less than $455 a week, breaking state and federal labor laws, the suit claimed.

 

“Wells Fargo chose to resolve this matter to avoid the cost and disruption of litigation and to resolve challenges related to past practices, and it is confident that it properly compensates its Financial Advisors in New York and elsewhere,” a bank spokeswoman said.

 

Meanwhile, the $7.2 billion suit filed by employees who say they were fired because they didn’t open fake accounts continues.