Wells Fargo Settles for $14.7 Million

SAN FRANCISCO (CN) - A federal judge Wednesday awarded $3.6 million in attorneys' fees from a settled $14.7 million class action accusing Wells Fargo Home Mortgage of shorting employees on commissions.

U.S. District Judge Jon Tigar granted final approval of the settlement, awarded fees and awarded two key plaintiffs $10,000 in incentives apiece for their key roles in the litigation.

Of the class of 8,695 branch sales managers or home mortgage consultants, only 3 opted out of the settlement, Tigar found.

The total value of the settlement fund will be $14,743,101 - 32.7 percent of the amount the class claimed they would have received had they won at trial.

The lead class counsel was John Yanchunis.

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.

Email *

Submit