Case Details: Wells Fargo Bank
Important documents:
Copy of Complaint
(amended Sep 7, 2004)
Wells Fargo Notice of Class Action Settlement
We are pleased to announce that the Honorable Gail A. Andler entered final judgment on this matter on October 30, 2008. Pursuant to the settlement terms, since no objections were filed, Wells Fargo is scheduled to transfer funds shortly. We expect distributions to occur within the next several weeks.
The parties have reached a settlement, which is explained in more detail in the Notice and Claim Form. The settlement administrator mailed the Notice and Claim Form to Class Members on August 1, 2008. The Claim Form must be postmarked no later than October 1, 2008, in order to receive your share of the settlement. If you have not received a Notice and Claim Form and believe you are a class member, please immediately contact our office at (619) 595-3001 or the claims administrator directly at (866) 903-0634.
The case concerns allegations by home loan consultants that they are owed amounts for unreimbursed business expenses and amounts improperly deducted from their commissions to cover third party fees and wages and salaries or bonuses of Sales Associates. Wells Fargo vigorously denied these allegations.
This certified class action includes approximately 6,600 Wells Fargo Bank Home Loan Consultants.
There were nearly five years of vigorously contested litigation, including multiple depositions, numerous motions to compel discovery, Defendant's two motions for summary adjudication and petitions for writ of mandate. As the parties were approaching trial, they attempted for a second time to engage in mediation efforts. Following a second day of mediation and multiple subsequent negotiations with the mediator's assistance, the parties reached a proposed settlement. The Court has preliminarily approved the class action settlement which provides for a maximum payment by Defendant of $10,000,000.
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