Settlement Reached In Overtime Pay Class Action Lawsuit Against Wells Fargo.SAN FRANCISCO San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden -- Counsel for plaintiffs and counsel for defendants announced today that the parties have reached a settlement of the overtime pay class action lawsuit class action lawsuit A lawsuit in which one party or a limited number of parties sue on behalf of a larger group to which the parties belong. For example, investors may bring a class action lawsuit against a brokerage firm that has actively promoted a tax Gerlach v. Wells Fargo & Co., Case No. 05-CV-00585-CW. The settlement, which was preliminarily approved Friday, October 6, 2006, by U.S. District Court Judge Claudia Wilken of the Northern District of California, resolves all of the named plaintiffs' and class members' overtime claims against Wells Fargo in exchange for the payment by defendants of $12.8 million. Current and former employees will be entitled to monetary compensation from a fund created by the settlement. The suit was filed by plaintiffs on behalf of themselves and approximately 4,500 current and former Wells Fargo employees nationwide, for alleged violations of the Fair Labor Standards Act Fair Labor Standards Act or Wages and Hours Act, passed by the U.S. Congress in 1938 to establish minimum living standards for workers engaged directly or indirectly in interstate commerce, including those involved in production of goods bound ("FLSA FLSA Fair Labor Standards Act FLSA Fedora Legacy Security Advisory "), California's Unfair Competition Law and wage and hour laws, and the Employee Retirement Income Security Act The Employee Retirement Income Security Act of 1974 (ERISA), 29 U.S.C.A. § 1001 et seq. (1974), is a federal law that sets minimum standards for most voluntarily established Pension and health plans in private industry to provide protection for individuals enrolled in these plans. ("ERISA See Employee Retirement Income Security Act. ERISA See Employee Retirement Income Security Act (ERISA). "). Defendants deny any liability. The FLSA collective and class action includes all persons who worked for Wells Fargo as Business Systems Consultants or e-Business Systems Consultants in Levels 2-6, at any time between February 9, 2002 and September 2, 2006 in states other than California, as well as people employed in those job positions and levels between August 29, 2001 to September 2, 2006 in California. Under the terms of the settlement, the employees described above will be entitled to monetary payments, the amount of which will vary based on length of employment with Wells Fargo in a covered position, specific position held, salary, and whether the employee worked in California (where the recovery would be greater) or elsewhere. Counsel for named plaintiffs and class members are James M. Finberg of Lieff Cabraser Heimann & Bernstein, LLP LLP - Lower Layer Protocol , Todd F. Jackson and Claire Kennedy-Wilkins of Lewis, Feinberg, Renaker & Jackson, P.C., Steven G. Zieff of Rudy, Exelrod & Zieff, LLP, and Robert Ira Spiro of Spiro Moss Barness Harrison & Barge LLP. |
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