Wells Fargo has agreed to resolve a settlement regarding claims around its interview processes.
Lawsuit Explained
As AFROTECH™ previously reported, the bank giant was accused in a lawsuit of conducting interviews with “diverse” candidates without the intention of hiring for the role. Former executive Joe Bruno addressed this concern, saying the “fake interviews” were “inappropriate, morally wrong, ethically wrong,” according to the New York Times.
Bruno was fired in August 2021, and Wells Fargo states that it resulted from his combative behavior with another employee. Nonetheless, other employees have shared similar sentiments to Bruno’s regarding Wells Fargo’s interviewing practices. Some admitted they had to conduct interviews with diverse hires even though the role was already filled.
Accounts of these claims surrounding Wells Fargo can be traced back from February 2021 to June 2022 and are documented in a class-action lawsuit filed by SEB Investment Management on behalf of the plaintiffs, according to The Charlotte Observer.
“We believe the claims were without merit. Wells Fargo does not tolerate discrimination in any part of our business,” Wells Fargo said in a statement, per The Charlotte Observer.
The bank attempted to dismiss the case in 2023, but a California federal court denied the motion. Wells Fargo and shareholders agreed to settle the class-action lawsuit on Oct. 15, notes The Charlotte Observer.
Settlement Details
In the latest update, Wells Fargo has agreed to pay $85 million, The Charlotte Observer confirmed. The company still maintains its innocence, stating it has settled the lawsuit to avoid the financial toll and burden of ongoing legal proceedings.
“We are pleased to have reached a settlement,” Wells Fargo said in a statement, according to The Charlotte Observer.
Who Will Qualify?
Qualified individuals in the class-action lawsuit will be eligible for the settlement fund once fees, expenses, and taxes are considered. Shareholders who held stock between Feb. 24, 2021, and June 9, 2022 will also be eligible.
