Wells Fargo & Co has agreed to pay $12.8 million to settle a lawsuit accusing the company of violating overtime rules, according to attorneys representing current and formers employees.
The lawsuit alleged the company violated the Fair Labor Standards Act, California 's Unfair Competition Law and wage and hour laws, and the Employee Retirement Income Security Act.
In settling the lawsuit, the company denied any wrongdoing.
"Wells Fargo maintains that it has compensated all of its team members fully and fairly, and in accordance with the law," spokesperson Melissa Morey tells Bloomberg News . "However, to avoid any further costs to the business and interference with our operations, the company has decided to settle the lawsuit."
The settlement covers as many as 4,500 individuals who worked for Wells Fargo as business systems consultants or e-business systems consultants.
Current and former employees covered by the settlement will receive payments that will be based on length of employment with Wells Fargo in a covered position, specific position held, salary, and whether the employee worked in California or elsewhere.