Wells Fargo Settles With Brokers Over Claims of Racial Bias

  • Bank to pay $35 million to about 500 black financial advisers
  • Wells Fargo says it still disagrees with brokers’ claims

Wells Fargo & Co. settled a dispute with a group of black brokers claiming the bank failed to give them the same career opportunities as their white colleagues.

The bank will pay $35 million to more than 500 financial advisers and trainees, according to a settlement agreement filed Friday. Wells Fargo also agreed to add employees tasked with recruiting and coaching black brokers, and to set up a $500,000 business-development fund.

“We do not agree with the claims in the lawsuit, but believe that putting this matter behind us is in the best interests of our team members, clients and investors,” Helen Bow, a spokeswoman for the San Francisco-based bank, said in an e-mail.

Read on.

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