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Wells Fargo Agrees to Settle Overtime Lawsuit

October 10, 2006|From Bloomberg News

Wells Fargo & Co. said Monday that it agreed to pay $12.8 million to settle a class-action lawsuit that claimed that some workers were improperly exempted from overtime pay.

The suit claimed that San Francisco-based Wells Fargo unlawfully characterized business-systems employees who performed routine tasks as analysts or consultants, making them ineligible for overtime. As many as 4,500 people are covered by the settlement, which won preliminary approval Friday from U.S. District Judge Claudia Wilken in Oakland.

"Wells Fargo maintains that it has compensated all of its team members fully and fairly, and in accordance with the law," spokeswoman Melissa Morey said. "However, to avoid any further costs to the business and interference with our operations, the company has decided to settle the lawsuit."

The settlement covers business systems employees who worked at the bank between 2001 and 2006 in California and other states, producing automated versions of paper forms and performing other "routine production" duties, according to the complaint.

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