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Wells Fargo Agrees to Pay $32 Million to Settle Bias Lawsuit

Wells Fargo & Co. agreed to pay $32 million to settle a lawsuit alleging its subsidiary Wachovia Securities LLC discriminated against female financial advisers by blocking career advancement and paying them less than men.

Wells Fargo and lawyers for a class of about 1,200 plaintiffs asked a federal judge in Washington today to approve the terms of the settlement, which calls for internal changes aimed at promoting female advisers and four years of monitoring by outside counsel.