A federal judge in Los Angeles ordered Wells Fargo & Co. to pay $97 million to mortgage bankers and consultants in California who did not get breaks mandated under state law, Bloomberg News reported May 10.
Wells Fargo had argued that it only owed $25 million to its employees. However, U.S. District Judge Percy Anderson's ruling took into consideration employees' hourly pay as well as commissions. The company intends to appeal the ruling, according to the report.
The judgment covers mortgage bankers and consultants in the state who worked for Wells Fargo from March 17, 2013, to Aug. 1, 2017, the report added.