Law360, New York (September 22, 2015, 3:22 PM EDT) -- Wells Fargo & Co. and a putative class of current and former financial advisers urged a New York federal court on Monday to preliminarily approve a $3.9 million deal that would settle allegations that the company stiffed the workers on wages.The deal would scuttle claims that Wells Fargo violated New York state labor laws by making improper wage deductions and that it violated the state laws and the Fair Labor Standards Act by misclassifying the workers and by failing to pay them overtime and minimum wages.Of the $3.9 million, the most that will be divvied up among participating claimants... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
Wells Fargo & Co. is urging a New York court to preliminary approve a $3.9m deal that would settle allegations that the bank violated New York state labour laws, by making improper wage reductions, and misclassifying the workers by failing to pay them overtime.