Wells Fargo Owes $7.2M for Withheld Overtime

(CN) – A federal judge approved a settlement that will have Wells Fargo pay $7.2 million to a class of loan processors who say they were not paid overtime wages.      The settlement is the product of two class actions consolidated in November 2007 at the Northern District of California.     Loan processors claimed the bank had a “standard hours” pay policy by which it paid employees for 86.67 hours every pay period, regardless of how many hours they had actually worked.     After extensive negotiations, the court approved a settlement for 3,544 class members. The average settlement award for each member is $1,218, after the claims process.     U.S. District Judge Edward Chen approved the settlement agreement on Tuesday as “fair, reasonable, and adequate.”