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

If you find yourself in trouble with the regulators, call Eccleston Law, you won't regret it.

Rick R.

LATEST NEWS AND ARTICLES

March 11, 2025
Former CNBC Analyst Pleads Guilty to $2.7 Million Securities Fraud Scheme

James Arthur McDonald Jr., a former financial advisor and frequent CNBC guest analyst, has agreed to plead guilty to securities fraud, admitting to defrauding investors out of at least $2.7 million, as reported by ThinkAdvisor. The felony charge carries a maximum sentence of 20 years in federal prison.

March 10, 2025
Wells Fargo and Merrill Lynch Settle SEC Charges Over Cash Sweep Program Policies

The Securities and Exchange Commission (SEC) has announced settlements with Wells Fargo Clearing Services LLC, Wells Fargo Advisors Financial Network LLC, and Merrill Lynch, Pierce, Fenner & Smith Incorporated over allegations that they failed to implement proper policies and procedures for their cash sweep programs.

March 7, 2025
FINRA Orders $8.2 Million in Restitution for Mutual Fund Customers

FINRA has directed Edward Jones, Osaic Wealth, Inc., and Cambridge Investment Research, Inc. to pay more than $8.2 million in restitution to customers harmed by failures to provide mutual fund sales charge waivers and fee rebates.