Wells Fargo’s $79 Million ERISA Deal Challenged by Ex-Adviser

A former Wells Fargo & Co. financial adviser objected to the bank’s recent $79 million settlement in a deferred compensation dispute, telling a federal judge in South Carolina that the deal interferes with an earlier settlement benefiting advisers in California and North Dakota.

Former Wells Fargo adviser Vicki Bayley says the new settlement, which received early approval in February, forces advisers covered under an earlier agreement to waive “valuable legal claims” and forego money they’d otherwise receive. According to Bayley, a $7.4 million settlement Wells Fargo signed in 2014 entitles her and other California- and North Dakota-based advisers to greater ...