Wells Fargo Settles Class Action Lawsuit with Current and Former Advisors for $9.5 Million

Posted on May 2nd, 2018 at 3:45 PM
Wells Fargo Settles Class Action Lawsuit with Current and Former Advisors for $9.5 Million

From the Desk of Jim Eccleston at Eccleston Law LLC:

Wells Fargo Advisors has agreed to pay $9.5 million to settle a class-action lawsuit brought by current and former advisors in California.

According to the lawsuit filed in 2014, starting in 2010, Wells Fargo failed to pay commissions to advisors in a timely manner in violation of California labor laws.

More specifically, the plaintiffs contended that Wells Fargo’s practice of paying advisors their commissions in the pay period after they actually earned their commissions is unlawful. Furthermore, although Wells Fargo claimed that it would be administratively impractical to pay the commission earlier, advisors said that the practice delayed their pay unfairly.

As a result of the $9.5 million settlement, the 2,198 class participants will likely receive more than $2,700 each after fees and costs.

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 investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, 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

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