"Wells Fargo Advisors to pay $35.5 million to settle race discrimination claims", 5 Jan 2016

Wells Fargo Advisors...has agreed to pay $35.5 million to settle claims by a group of African-American financial advisers that it discriminated against them due to their race.  The lead plaintiff...filed his claim in September 2013...Slaughter and five other brokers making the complaint are joined by 325 African-American brokers or trainees at Wells Fargo Advisors and there could be another 200 class members...The amount each broker will receive will be based on an assessment of individual claims...The plaintiffs alleged Wells Fargo Advisors provided widely different compensation and business opportunities to advisers based on their race...“African Americans are underrepresented both as financial advisers and in management and executive positions at Wells Fargo, and are paid substantially less than their counterparts who are not African American,” the complaint states...“We do not agree with the claims in the lawsuit, but believe that putting this matter behind us is in the best interests of our team members, clients and investors,”  Wells Fargo spokeswoman Helen Bow said in a statement...The settlement also calls for the firm to initiate programs focused on African-American advisers...