Labor/Employment,
Banking
Mar. 2, 2021
Wells Fargo to pay $70M in second group of wage cases
The agreement also said the bank has “discontinued the pay practices underlying plaintiffs’ claims in these cases,” which include paying home mortgage consultants based on sales commissions and clawing back hourly wages and vacation time from those commissions.
Less than a year after Wells Fargo paid out $25 million to settle rest break claims by its home mortgage consultants, the bank has agreed to pay an additional $70 million to resolve a host of additional wage and hour claims that were alleged in a second case.
According to the proposed agreement filed by Wells Fargo and several classes of home mortgage consultants Friday, the gross settlement fund would be $95.7 million.
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