After three years of litigation, Wells Fargo’s $79 million class action settlement to resolve allegations that it illegally made thousands of former employees forfeit deferred compensation is final.
Judge Joseph F. Anderson’s order approving the settlement awarded $19.75 million, or 25% of the settlement fund, plus $390,053, for fees and costs to Motley Rice LLC, Ajamie LLP, and Izard, Kindall & Raabe LLP for their roles as class counsel. Representative Robert Barry will receive a case contribution award of $10,000.
The settlement, worth approximately $31,000 per class member, was fair in light of litigation risks and disputes over whether the agreements constituted so-called “top hat” plans, the U.S. District Court for the District of South Carolina said Wednesday.
