Class Action News

Wells Fargo Loses Bid to Deposit Arbitration Defense in Court (1)

March 7, 2018, 9:22 PMUpdated: March 7, 2018, 10:44 PM

Wells Fargo has to convince an arbitrator rather than a judge that multiple former financial advisers should pursue their overtime claims individually rather than collectively as a class.

The issue of whether an employment agreement between Wells Fargo and its former employees allows arbitration on a class basis is one for an arbitrator to decide, Judge Raymond J. Lohier Jr. wrote for the U.S. Court of Appeals for the Second Circuit.

The arbitration clause at issue between Wells Fargo and its financial advisers “clearly and unmistakably” indicated that an arbitrator should decide all questions of arbitrability, Lohier said. Whether class...

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