Wells Fargo Settles Gender Bias Suit for $32 Million

Washington, DC: A federal judge in Washington has approved a $32 million settlement of a class action brought against Wells Fargo Advisors by a group of women who alleged gender discrimination. Reportedly, some 3000 female financial advisors make up the class.

Under the terms of the settlement, Wells Fargo Advisors will implement policies and practices designed to reduce gender discrimination and improve the working experience of its female advisors. The suit was filed in 2009 by three female financial advisors who worked at Wachovia Securities. They claimed that Wells Fargo, which merged with Wachovia in 2008, practiced gender discrimination dating back to 2003.

According to a report in the Wall Street Journal the women claimed that compared with their male counterparts, female advisors were provided fewer business opportunities by the company. The women also claimed that female advisors were at a disadvantage in other ways, specifically with respect to career advancement, work assignments and distribution of accounts.

The class covers all women who were employed as financial advisors by Wachovia or Wells Fargo at any time between March 17, 2003, and January 25, 2011, which is the date a preliminary approval was reached. The class also covers women who were employed by Wells Fargo Investments LLC and women who were employed as advisors by Prudential Securities Inc. or A.G. Edwards & Sons Inc. as of the dates those companies merged with Wachovia.

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Published on Jun-9-11