Wells Fargo settles bonus squabble for $7.4M

Wells Fargo Advisors has agreed to pay $7.42 million to settle a class action claim that the firm wrongly withheld incentive compensation from former advisers.

Two former Wells Fargo brokers, Kennison Wakefield and William Stonhaus, argued as part of a class action claim that the firm unlawfully forced brokers to forfeit a portion of their deferred compensation when they moved to other firms, according to a complaint filed in September 2013.

The settlement will provide a total of $5.56 million to around 135 affected brokers in California and North Dakota, where the plaintiffs argued the compensation plans violated state law, according to court documents in the U.S. District Court of California, Northern District. The other approximately $1.86 million is reserved for legal expenses, according to court documents.

Read on.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s