Wells Fargo Exits Race Bias Suit With $35.5M Settlement

Law360, Chicago (May 4, 2017, 1:59 PM EDT) -- An Illinois federal judge signed off on a $35.5 million settlement between Wells Fargo Advisors LLC and a class of the bank’s African-American employees Thursday, ending the class’s claims of discriminatory treatment with changes to programs they said encouraged racial disparities.

U.S. District Judge Harry D. Leinenweber granted final approval to the agreement, which ends nearly four years of litigation over Wells Fargo policies that the employees said excluded African-American financial advisers from the most successful teams and the most lucrative accounts.

In addition to individualized monetary awards for the class of more than 360 people, the approved settlement will stop...

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