Ka-ching! Or no ka-ching? Must you pay lenders overtime?

摘要

Since the beginning of the year, three major players in the financial services industry have announced multi-million-dollar settlements in wage-hour lawsuits. 1. On Feb. 9, UBS announced that it would pay up to $89 million to resolve multiple lawsuits based on claims of failure to pay overtime and alleged improper wage deductions to retail brokers, financial consultants, and trainees. 2. On March 3, Morgan Stanley announced that it would pay up to $42.5 million to settle a California suit brought on behalf of about 5,000 financial advisers. 3. On May 24, Smith Barney, a division of Citigroup Global Markets, Inc., in the largest settlement yet, announced it is paying $98 million to a potential class of over 20,000 brokers in California, N.Y., and N.J. 4. Merrill Lynch settled an action last year with an agreement to pay $37 million dollars.