Wells Fargo’s $1 Million COBRA Notice Deal Approved, With Caveat

A class settlement requiring Wells Fargo & Co. to pay up to $1 million over allegedly improper employee health plan notices received initial court approval, except for a set of payments slated for the case’s class representatives.

Judge Tom Barber on Tuesday granted preliminary approval to the deal, which would cover about 50,000 people who received those COBRA notices from Wells Fargo between May 2018 and December 2021.

But Barber rejected a pair of $7,500 payments intended to compensate the two class representatives for releasing all claims against the banking giant, adopting the report of a magistrate judge who called ...