August 24, 2017 / 11:44 PM / a year ago

Wells Fargo to pay $3.5 mln to settle training-fee repayment class action

Wells Fargo Advisors on Thursday got preliminary approval from a federal judge in Chicago for a $3.5 million settlement to resolve class action allegations that the company unlawfully required its new financial advisors to repay training costs.

Under the terms of the agreement endorsed by U.S. District Judge John Tharp, Wells Fargo will end its program mandating that financial advisors pay back as much as $55,000 in training costs if they leave the company within five years of being hired.

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