Recently, almost every major Wall Street firm has defended one or more stockbroker class and collective actions in which their well-compensated stockbrokers claim that like “blue collar” workers, they are entitled to overtime under the federal Fair Labor Standards Act and analogous state laws.
The stockbrokers challenge longstanding compensation practices, alleging not only that they are entitled to overtime wages, but that their employers have violated state laws by illegally failing to reimburse business expenses or illegally deducting business expenses from their wages. Both sides rely on an array of legal and factual arguments that typically are not tried to judgment. Instead, the class actions have led to a number of high-visibility settlements involving tens of millions of dollars.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
