Wells Fargo’s $95.7 Million Wage Settlement Gets Final Nod

Wells Fargo Bank NA will pay $95.7 million to settle consolidated class claims by 5,000 mortgage consultants who allege the company violated California wage-and-hour laws, according to an agreement given final approval by the Northern District of California.

The U.S. District Court for the Northern District of California, however, trimmed the attorneys’ fee award from $24 million to $21 million, after finding the higher amount would reward counsel “at an extraordinary rate.”

Counsel reduced the fee request in June from $32 million after the court expressed “serious reservations” about the reasonableness of the amount.

The settlement includes a $750,000 civil ...