Wells Fargo To Pay $15M To Settle Loan Worker Pay Dispute

Law360, Los Angeles (February 26, 2014, 8:21 PM EST) -- Wells Fargo & Co. agreed to pay $15 million to end a putative class action in which mortgage employees alleged the bank cheated them of commissions on specialized loans they wrote under government refinancing programs, according to a deal filed in California federal court on Wednesday.

The deal ends nearly a year of litigation for the employee group, which said the bank didn’t pay them their fair share for loans they originated for federal programs such as the Home Affordable Refinance Program, according to the proposal....
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