Wells Fargo Inks $79M Deal In Deferred Compensation Suit

Law360 (January 31, 2020, 10:45 PM EST) -- A former Wells Fargo financial adviser who claimed the bank improperly cut him and other employees out of deferred compensation asked a South Carolina federal court Jan. 31 to greenlight a $79 million deal aimed at resolving the class action.

Plaintiff Robert Berry, who retired from the bank in 2014, said the deal represented an "outstanding recovery" for a class of Wells Fargo Advisors deferred compensation plan participants who were shorted on deferred compensation they were owed under a retirement benefits plan.

The legal team for the class of financial advisers plans to seek up to 30% of the total fund,...

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