Wells Fargo Settles Financial Advisers' Wage Suit For $3.5M

Law360, Springfield (July 14, 2017, 9:55 PM EDT) -- A putative class of Wells Fargo Advisors LLC employees asked an Illinois federal judge to approve a $3.5 million settlement on Thursday and end the group’s Fair Labor Standards Act suit that said the banking giant set up its financial adviser trainees for expensive failure.

The putative class of employees sued Wells Fargo in 2014, claiming the bank’s training program violated federal minimum wage law, the Fair Labor Standards Act and a handful of state labor laws. The workers allege that Wells Fargo’s five-year financial adviser training program requires those who fail out of the program to pay back the $55,000...

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