Wells Fargo Seeks Approval Of $32M Deal In Bias Suit

Law360, New York (June 8, 2011, 7:54 PM EDT) -- Wells Fargo & Co. sought a Washington federal judge's approval Wednesday of a $32 million settlement that would end a suit by a putative class of more than 3,000 alleging its subsidiary Wachovia Securities LLC discriminated against female financial advisers.

U.S. District Judge Colleen Kollar-Kotelly indicated during a hearing that she would soon give the agreement her final seal of approval, according to the plaintiffs' attorney Cyrus Mehri.

The settlement, a product of three years of negotiations, sets up a $32 million fund for payments to class members and counsel. Wells Fargo also agreed to implement policies for at least four...

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