Wells Fargo, Wachovia Gender Discrimination Class Action Settlement

Wells Fargo and Wachovia have reached a class action lawsuit settlement over gender discrimination against female financial advisors.

The Wells Fargo and Wachovia gender discrimination settlement will resolve a class action lawsuit (Carter et al. v. Wells Fargo Advisors, LLC et al.) brought by three female financial advisors against Wachovia Securities. The three women filed charges of gender discrimination with the Equal Employment Opportunity Commission (EEOC) in 2005 alleging, among other things, that Wachovia Securities discriminated against them in career advancement, distribution of accounts, work assignments, partnerships and teams, compensation, age discrimination, and more.  

After the Wachovia gender discrimination class action was filed, Wachovia Corporation, the parent company of Wachovia Securities, underwent a series of merges and was bought by Wells Fargo & Company in 2008. Wachovia/Wells Fargo denies the allegations but has agreed to set up a $32 million settlement fund to resolve the litigation.

You are considered a class member of the Wachovia gender discrimination class action lawsuit settlement if you were employed in the U.S. as a Financial Advisor by: (a) Wachovia Securities, LLC, or its successor Wells Fargo Advisors, LLC, at any time between March 17, 2003 and January 25, 2011; and/or (b) Wells Fargo Investments, LLC at any time between December 31, 2008 and January 25, 2011. Women who were employed as financial advisors by Prudential Securities, Inc. or A.G. Edwards & Sons, Inc. are included only as of the effective date of the respective business consolidation or merger of these corporations with Wachovia Securities/Wachovia Corporation.

The Wachovia gender discrimination settlement will include a number of policy and practices revisions (which you can read about in the class action settlement notice). It will also provide cash payments to class members who submit timely claim forms postmarked no later than April 25, 2011. The amount of cash you will receive will depend on how you answer the questions in the claim form. (UPDATE: The Court has revised the deadline date for claim form submissions to June 20, 2011. For more information, click here.)

You can find more information about your rights in the Wachovia Financial Advisor Gender Discrimination Class Action Lawsuit Settlement at www.WachoviaGenderDiscrimination.com.