In a dispute over overtime wages for financial advisers, JPMorgan Chase & Co.’s lawyers at Morgan, Lewis & Bockius fell short in a bid to narrow the case further.
The U.S. Court of Appeals for the Second Circuit on Monday rejected JPMorgan’s attempts to force a group of financial advisers into individual arbitration. The employees brought a putative class and collective action in 2011 accusing the bank of misclassifying them as exempt from overtime pay, in violation of the Fair Labor Standards Act and state laws in New York and New Jersey.
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