Wells Fargo Faces Lawsuit Over Denied Overtime Pay To Branch Workers: Report – Wells Fargo (NYSE:WFC)

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Wells Fargo & Co, one of the largest banks in the United States, is facing a class-action lawsuit filed by an employee who alleges that the bank failed to provide overtime pay to branch workers. Sabrina Perez, an employee at a Wells Fargo branch in Albuquerque, New Mexico, is spearheading the lawsuit, which claims that “senior premier bankers” were wrongly classified as management-level employees.

According to the lawsuit, this classification exempted the employees from receiving overtime compensation under federal and state laws. However, these workers often had to work additional hours due to understaffing issues. The lawsuit seeks unspecified damages, penalties, and legal fees.

Perez, who has been vocal about advocating for workers’ rights and unionizing, has actively supported the cause in various ways. She is frequently quoted in union press releases and news articles, highlighting the importance of fair treatment for employees.

This lawsuit comes at a time when Wells Fargo is also facing a campaign to unionize its workforce, with union petitions being filed at its Albuquerque branch and another branch in Alaska. These instances mark the first such efforts within the company and among major U.S. banks in many years. Currently, only 1% of workers in the financial industry are union members, according to the U.S. Bureau of Labor Statistics.

In premarket trading, Wells Fargo shares were up 0.47% at $44.80. The outcome of this lawsuit could potentially impact the bank’s reputation and financial standing.

It is important to note that this article was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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