April 27, 2018 / 11:19 PM / a year ago

Wells Fargo unit, advisors propose $9.5 mln settlement of wage claims

Wells Fargo Advisors LLC has agreed to pay $9.5 million to 2,200 financial advisors in California who accused the brokerage firm of failing to reimburse them for work-related expenses and pay their commissions on time.

The plaintiffs filed a proposed settlement in federal court in San Francisco on Thursday. Under the deal, which must be approved by a federal judge, advisors who worked for the Wells Fargo subsidiary between 2010 and January 2018 would receive about $2,800 each on average, according to the filing.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2Fos9cO

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