On June 9, 2011, the U.S. District Court for the District of Columbia granted final approval of a nationwide class action lawsuit on behalf of female financial advisors who were employed by Wells Fargo Advisors/Wachovia Securities
The gender discrimination class action was filed by three female financial advisors who were represented by Mehri & Skalet and two other law firms.
The proposed class settlement resolves claims of gender discrimination in compensation, promotions to branch management positions, and terms and conditions of employment under Title VII of the Civil Rights Act of 1964 or any state or local anti-discrimination law. It includes a $32 million fund from which awards, attorneys’ fees and costs will be paid and requires the company to make significant changes to its internal policies. In addition to the $32 million fund, the Defendants will pay all costs of claims administration in this class action.
The class includes female Financial Advisors employed in the United States by:
1. Wachovia Securities, LLC, or its successor Wells Fargo Advisors, LLC, at any time between March 17, 2003 and January 25, 2011;
and/or
2. 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.
There are approximately 3,060 women who are members of the Class affected by the settlement. Class members will receive a Notice and Claim Form via U.S. Mail. The Notice and Claim Form will explain the steps that class members must take to participate in the settlement or to exclude themselves from the settlement, including important deadlines.
Please take note of the following important deadlines:
- Requests to exclude yourself from the settlement must be postmarked by May 5, 2011.
- Objections to the settlement must be postmarked by May 5, 2011.
- Claim Forms must be postmarked by June 20, 2011.
The deadlines in this case have been extended. If you received notice via mail in February 2011, you may need to take additional action in this case.
On June 9, 2011 United States District Judge Colleen Kollar-Kotelly granted final approval to the $32 million dollar settlement.
For a full description of class members’ options and rights as well as list of important deadlines, please review the full Notice. You also may review the Settlement Agreement. Questions should be directed to Rachel Heidmann or Ellen Eardley at Mehri & Skalet at (202) 822-5100.
Case Documents:
News:
Judge Approves $32 Million Final Wells Fargo Gender Bias Suit
Law360, June 8, 2011
By Carolina Bolado
Wells Fargo Agrees to Pay $32 Million to Settle Bias Lawsuit
Bloomberg News, June 8, 2011
By Tom Schoenberg
$32 Million Settlement Covers 1,200 Female Brokers
Reuters, June 8, 2011
By Jonathan Stempel
Wells Fargo Reaches Settlement in Gender-Bias Suit
The Wall Street Journal, June 9, 2011
By Jennifer Hoy Cummings