Wells Fargo Settles Loan Consultants' OT Suit For $20M

Law360 (July 27, 2010, 11:40 AM EDT) -- Wells Fargo & Co. has agreed to pay former and current home mortgage loan consultants $20 million to resolve a Fair Labor Standards Act collective action alleging the bank misclassified the employees as exempt from overtime wage requirements.

The settlement, outlined in a motion filed Monday in the U.S. District Court for the Northern District of California, covers home mortgage consultants outside California. A separate subclass covers California employees.

As part of the deal, the parties have agreed to decertify a Rule 23 class that was based on alleged violations of the California Unfair Competition law. Those claims will be dismissed...

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