Ex-Wells Fargo Adviser Gets Class Cert. Over Deferred Comp.
Law360 (October 10, 2018, 9:35 PM EDT) -- A South Carolina federal judge granted class action status Tuesday to a former Wells Fargo financial adviser's suit alleging the bank improperly cut him and other employees out of deferred compensation they were owed under a retirement benefits plan.
Plaintiff Robert Berry, who retired from the firm in 2014, had sought certification of a proposed class of Wells Fargo Advisors deferred compensation plan participants who have been denied payouts under a forfeiture clause applicable to departing employees.
This clause, according to Berry, runs afoul of certain Employee Retirement Income Security Act anti-forfeiture and other provisions that the bank has skirted by misclassifying the...
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