Wells Fargo to Pay $27.5M to Settle a California Wage Class Action Lawsuit

Posted on March 22nd, 2018 at 10:37 AM
Wells Fargo to Pay $27.5M to Settle a California Wage Class Action Lawsuit

From the Desk of Jim Eccleston at Eccleston Law LLC:

A California judge is set approve a $27.5 million settlement resolving a consolidated action brought by Wells Fargo bankers and sales representatives located in the state of California.

More specifically, the class actions accused Wells Fargo of failing to pay overtime, failing to provide workers with meal breaks, and failing to provide itemized wage statements under the federal Fair Labor Standards Act and the state's Unfair Competition Law and Private Attorneys General Act.  

Furthermore, under California labor law, employees are entitled to a 30-minute meal break every 5 hours, and 10-minute rest period every 4 hours. Moreover, if employees do not receive meal breaks or rest periods, they must be compensated one extra hour on their paycheck per missing break.

In addition, California labor laws require employees to be compensated for any off-the-clock work conducted during non-business hours.

According to the terms of the settlement, the eight lead plaintiffs in the lawsuit will receive $10,000 each, and the additional 28,463 class members will receive an average payment of approximately $660.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial advisors including Broker Litigation & ArbitrationStrategic Consulting ServicesRegulatory  MattersTransition Contract Review, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

 

Related Attorneys: James J. Eccleston

Tags: Eccleston, Eccleston Law, Eccleston Law LLC, James Eccleston

Return to Archive

TESTIMONIALS

Previous
Next

You were most helpful with my FINRA deposition. You are a good lawyer and a good person.

Dan B.

LATEST NEWS AND ARTICLES

February 14, 2025
Jefferies Financial Group Dismisses Miami Advisory Team Amid Alleged Misconduct

Jefferies Financial Group recently terminated a team of Miami-based wealth advisors following allegations of improper money transfers and the use of unauthorized communication methods to conceal the activity.

February 13, 2025
FINRA Panel Denies J.P. Morgan's $39.7 Million Claim Against Former Advisor

A FINRA arbitration panel recently rejected J.P. Morgan Securities’ bid to recover $39.7 million in damages from Edward Turley, a former financial advisor whose alleged
misconduct led the firm to incur significant settlement costs.

February 12, 2025
Edward Jones Advisor Barred by FINRA Over Allegations of Unauthorized Account Changes

FINRA has barred Gwendolyn J. Hayes, a former Edward Jones advisor in Oregon after allegations surfaced that she altered client account information without authorization.