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Settlement Reached in Wells Fargo & Wachovia Gender Discrimination Class Action


This is a settlement for the Discrimination lawsuit.

New York, NY: A settlement has been reached in a class action lawsuit against Wells Fargo Advisors, LLC, Wells Fargo & Co., Wachovia Securities, LLC, a wholly owned subsidiary of Wells Fargo & Co., and Wachovia Corporation ("Wachovia") (collectively "Wells Fargo"or "Defendants") in the United States District Court for the District of Columbia (styled Evelyn Carter, et al. v. Wells Fargo, et al, Class Action Case No. 1:09-CV-01752 (CKK)) alleging, among other things, that Wells Fargo engaged in gender discrimination with respect to career advancement, distribution of accounts, work assignments, partnerships and teams, compensation, and/or other terms and conditions of employment of certain female employees, purportedly in violation of Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. § 2000(e), et seq., ("Title VII"), and under parallel state and local laws prohibiting gender discrimination, according to the Wells Fargo & Wachovia financial advisor gender discrimination class action lawsuit settlement notice.

Members of the Wells Fargo & Wachovia class who may be affected by the class action settlement reportedly include the following persons, unless otherwise excluded: All women who are or were employed in the United States as Financial Advisors by: (a) Wachovia Securities, LLC, or its successor Wells Fargo Advisors, LLC, at any time between March 17, 2003 and January 25, 2011; and/or (b) 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.

Under the proposed Wells Fargo & Wachovia gender discrimination class action lawsuit settlement, Defendants will pay $32 million dollars ($32,000,000) into a Settlement Fund; a portion of the Settlement Fund will be used to reimburse costs and expenses of the litigation, pay Class Counsel' fees as awarded by the Court, and pay for the administration of the settlement process and the remainder of the Settlement Fund will be distributed to the Named Plaintiffs and Class Members to compensate them for the asserted claims.

Defendants have also agreed to continue, revise and enhance various policies and practices applicable to Financial Advisors that are intended to further attract women Financial Advisors and enhance their success.

Class Members who wish to remain Class Members and have an opportunity to receive a payment from the Settlement Fund reportedly must return a Claim Form postmarked by Monday, April 25, 2011. The reported deadline for Class Members to opt-out and exclude themselves from the monetary relief or object to the settlement is Thursday, March 31, 2011.

The Court will decide whether or not to give final approval to the Wells Fargo & Wachovia gender discrimination class action lawsuit settlement after the Settlement Hearing.

For more information on the Wells Fargo & Wachovia financial advisor gender discrimination class action lawsuit settlement, visit the Wells Fargo & Wachovia gender discrimination class action lawsuit settlement website: wachoviagenderdiscrimination.com

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Published on Mar-7-11

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