Wells Fargo to pay $9.5 million to reps in compensation dispute
Payment would settle class action filed by current and former reps over commissions, expenses.
Wells Fargo Advisors will pay $9.5 million to settle a class action suit brought by 2,198 current and former brokers in California, who had charged that the firm failed to pay commissions in a timely manner and reimburse the brokers for expenses.
The brokers, who worked at the firm from March 2010 through January of this year, will receive, on average, a bit more than $2,700 each after fees and costs, according to a report on MarketWatch.com.
Learn more about reprints and licensing for this article.