Wells Fargo Mortgage Workers Seek Final OK Of $14.7 Million Settlement With Company

Almost 8,700 mortgage employees July 31 moved for final approval of a $14.7 million agreement with Wells Fargo Bank NA to settle their unpaid commission claims in federal court in California (Dyer v. Wells Fargo Bank, N.A., N.D. Cal., 13-2858, motion for final approval filed 7/31/14).

The Wells Fargo home mortgage employees “alleged that the Compensation Plans required Wells Fargo to pay standard commission rates of up to 63 basis points, rather than the flat rate of 43 bps which had been paid by Wells Fargo for originating certain specialty refinance loans,” according to the motion.

The ...