General World News

Wells Fargo pays $96M to settle LO comp lawsuit

Wells Fargo agreed to pay $95.7 million to more than 5,300 home mortgage consultants to resolve a pair of class-action legal claims that allege wage-and-hour violations in California, according to the settlement agreement in federal court.

The deal will provide $62.8 million to the class members, with the remainder going to plaintiffs attorneys.

The lawsuit, which combined two legal actions that were designated a class action, was filed on behalf of 5,377 loan officers and other mortgage staffers employed by the bank in California from 2013 and 2019. James Kang, the lead plaintiff, said Wells details ⇒

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