Wells Fargo $79 Million Settlement Over Lost Pay Gets Initial OK

Wells Fargo & Co.‘s $79 million settlement of a class action covering more than 1,000 ex-financial advisers who lost deferred compensation when they left the company was given preliminary approval by the District of South Carolina.

The settlement is fair, reasonable, and adequate to the settlement class, the U.S. District Court for the District of South Carolina said Wednesday.

Lead plaintiff Robert Berry was a Wells Fargo financial adviser who said he gave up nearly $200,000 in deferred compensation when he resigned from the company in 2014.

The suit alleged that the plan’s forfeiture provision violated the Employee Retirement ...