Paul Tassin  |  June 19, 2017

Category: Closed Class Actions

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Wells Fargo Sign and Logo

A race discrimination class action settlement is now being administered that will benefit African-American financial advisors from Wells Fargo.

Plaintiffs Lance W. Slaughter, Michael Smith, Erika Williams, Lucien Philippe, Katarina Everett, and Keith Spelmon initiated this Wells Fargo race discrimination class action lawsuit in 2013. They argued that Wells Fargo’s practices of teaming, account distribution, and banking support assignment denied African-American employees the same business opportunities that non-African-American employees enjoyed.

The policies and procedures at issue effectively segregated Wells Fargo’s work force by race and excluded African-American employees from the more lucrative teams and client account distributions, they alleged.

After about four years of litigation, the parties reached the current Wells Fargo class action settlement this past spring. The court granted final approval of this Wells Fargo class action settlement in May 2017.

Under terms of the Wells Fargo class action settlement, Wells Fargo has agreed to implement several changes in the way it manages its Financial Advisors and Financial Advisor Trainees in order to promote fairness and prevent discriminatory treatment.

Among these many policy and procedure changes, Wells Fargo will establish a new employee recruitement position specifically tasked with recruiting African-American Financial Advisors and Financial Advisor Trainees. These new recruits will have the opportunity to talk to a current African-American Financial Advisor.

Two new coach positions will be established for the purpose of offering career development advice to African-American Financial Advisors and Financial Advisor Trainees.

The bank will stop making its new Financial Advisors and Financial Advisor Trainees pay for their training.

In addition to the changes in policies and procedures, Wells Fargo will distribute settlement payments to Class Members from a settlement fund totaling $35.5 million. This fund will be used to distribute payments to qualifying current and former Financial Advisors and Financial Advisor Trainees who are African-American and who worked for Wells Fargo during the Class period.

Settlement payment amounts will be determined on a case-by-case basis through a special review process.

Wells Fargo has agreed not to enforce any arbitration requirement or class action waiver against Class Members for the duration of the settlement.

Who’s Eligible

Class Members eligible for settlement benefits include all African-American current or former employees of Wells Fargo Advisors LLC who worked as Financial Advisors or licensed Financial Advisor Trainees within the Private Client Group or the Wells Fargo Advisors bank brokerage channel between Sept. 4, 2009 and Dec. 31, 2016.

Potential Award

Varies.

Individual settlement payments will be determined on a case-by-case basis. A third-party neutral will review each Class Member’s claim and recommend a settlement payment amount, to be approved by a special master appointed by the court. These monetary awards are final, binding, and not subject to appeal.

Proof of Purchase

In addition to a filled-out Claim Form, qualifying Class Members must also submit copies of their IRS Forms W-4 and W-9.

Other documentation may also be necessary, depending on what types of harm the Class Member alleges. Claimants may need to submit additional evidence relevant to any claim of emotional distress, or they may need to document their post-Wells Fargo income and work history.

Claim Form

CLICK HERE TO FILE A CLAIM »

Claim Form Deadline

6/29/2017

Case Name

Lance W. Slaughter, et al. v. Wells Fargo Advisors LLC, Case No. 1:13-cv-06368, in the U.S. District Court for the Northern District of Illinois

Final Hearing

5/4/2017

Claims Administrator

Slaughter v. Wells Fargo Advisors, LLC Claims Administrator
c/o Kurtzman Carson Consultants
P.O. Box 43434
Providence, RI 02940-3434
1-844-510-5938

Class Counsel

Linda D. Friedman
Suzanne E. Bish
George S. Robot
STOWELL & FRIEDMAN LTD

Defense Counsel

Grace E. Speights
Michael S. Burkhardt
Kenneth J. Turnbull
MORGAN LEWIS & BOCKIUS LLP

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One thought on Wells Fargo Financial Advisor Race Discrimination Class Action Settlement

  1. Joyce morgan says:

    When will i recevie my settment at my post box at 59641 los aneles ca.

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