Updates to our Terms of Use

We are updating our Terms of Use. Please carefully review the updated Terms before proceeding to our website.

Thursday, March 28, 2024 | Back issues
Courthouse News Service Courthouse News Service

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."

Categories / Uncategorized

Subscribe to Closing Arguments

Sign up for new weekly newsletter Closing Arguments to get the latest about ongoing trials, major litigation and hot cases and rulings in courthouses around the U.S. and the world.

Loading...