Clothing retailer The Wet Seal Inc. has agreed to shell out up to $1.3 million to settle a dispute with as many as 500 California store managers who claimed they were improperly classified as exempt from overtime pay because they performed primarily nonexempt work, such as stocking and helping customers. In a separate development, The Wet Seal reached a $130,000 settlement of claims filed by four sewing factory workers who charged they weren’t paid the minimum wage or overtime. The Wet Seal, based in Foothill Ranch in Orange County, is the parent company of 620 Wet Seal, Arden B., Zutopia, and Contempo Casual stores.