Wells Fargo to pay $9.5 million to reps in compensation dispute

Payment would settle settle class action filed by current and former reps over commissions, expenses

Apr 30, 2018 @ 1:58 pm

By InvestmentNews

Wells Fargo Advisors will pay $9.5 million to settle a class action suit brought by 2,198 current and former brokers in California, who had charged that the firm failed to pay commissions in a timely manner and reimburse the brokers for expenses.

The brokers, who worked at the firm from March 2010 through January of this year, will receive, on average, a bit more than $2,700 each after fees and costs, according to a report on MarketWatch.com.

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