Wells Fargo settled a dispute with a group of black brokers claiming the bank failed to give them the same career opportunities as their white colleagues. The bank will pay $35 million to more than 500 financial advisers and trainees, according to a settlement agreement filed Friday. Wells Fargo also agreed to add employees tasked with recruiting and coaching black brokers, and to set up a $500,000 business-development fund. "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," Helen Bow, a spokeswoman for the San Francisco-based bank, said in an e-mail. Wall Street’s biggest brokerages have faced lawsuits in recent years alleging sex or racial discrimination. Bank of America Corporation’s Merrill Lynch brokerage agreed in 2013 to a $160 million settlement with black brokers and a $39 million payment to female employees. Morgan Stanley agreed in 2007 to pay $16 million to ...
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