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Lawsuit accuses Wells Fargo of violations on overtime pay

On Behalf of | Mar 8, 2022 | Financial News

A proposed class action lawsuit accuses Wells Fargo Advisors of requiring its employees to work overtime without paying them for their extra hours, AdvisorHub reports.

The claim was filed last week in federal court in Florida by David P. Brandt, who worked for eight years as a registered client associate in the firm’s Orlando office before leaving last month.

Brandt’s complaint alleged that Wells Fargo has a policy that fails to pay registered client associates time and a half for working over 40 hours per week, in violation of the federal Fair Labor Standards Act. The lawsuit is seeking unpaid wages, fees and damages for RCAs who have worked at Wells Fargo over the past three years.

Another proposed class action suit was filed in January by a former Wells Fargo associate in Missouri, who claimed that the firm had a policy of prohibiting client associates from reporting more hours in a day or week than the hours they were scheduled for.

AdvisorHub said a Wells Fargo spokeswoman did not immediately to respond to a request for comment in either of the two cases. In a previous statement responding to the Missouri lawsuit, a company spokeswoman said that Wells Fargo has policies to make sure all employees are compensated for all hours worked, including overtime hours.

Those who choose to work in the financial services industry face a range of complex rules and regulations. The attorneys at Lewitas Hyman have years of experience advising both financial advisors and financial firms on various types of employment issues and concerns. Should you be in need of legal services from our financial services employment practice, please contact Lewitas Hyman at (888) 655 6002 or through our online contact form.