The brokerage firms AG Edwards, Edward Jones, and Merrill Lynch have recently come under legal scrutiny that contends they violated state and federal labor laws that govern fair compensation for overtime. Thousands of brokers and sales representatives in Illinois, New Jersey, Missouri, and across the country may have been illegally under-compensated for their long hours of tireless devotion to their firms and their clients.
Settlements of class-action overtime lawsuits in California against UBS, Merrill Lynch, and Morgan Stanley have totaled $165 million, and now brokers in other states such as New Jersey, Illinois, and Missouri that worked for AG Edwards, Edward Jones, and Merrill Lynch are discovering they may have been unjustly swindled as well. As of June 2006, suits against Merrill Lynch and Morgan Stanley are awaiting trial in New York, New Jersey, and Connecticut.
Stockbrokers, financial advisors and broker sales assistants overtime affected:
Virtually every stockbroker, financial advisor or broker sales assistant in the United States that puts in long hours every workday and weekends could potentially collect up to $30,000 dollars in unpaid overtime and expenses. Under the Fair Labor Standards Act, a worker is exempt from overtime pay if they function in a professional, administrative, or executive exemption and are compensated at least $455 a week.
Unpaid overtime, Unpaid compensation wages for brokers
Most brokers work on commission only, and do not receive the base pay rate mandated by the law to be considered exempt. While commissions are an important part of any broker’s income, many prominent Wall Street firms have begun to demand that brokers sell managed-money products that do not produce high financial returns, which in turn further reduce the income of hard working brokers.
Stock broker FLSA lawsuit:
Wholesale exploitation of hard workers was one of the reasons behind the passage of the FLSA (Fair Labor Standards Act). Stockbrokers, financial advisors, and broker sales assistants who work long hours to serve their clients deserve to be fairly compensated for their devotion to duty and drive to succeed, not taken advantage of by dishonest brokerages who attempt to skirt the law.
Stockbroker overtime lawyer and broker sales assistant attorneys information:
If you are a stockbroker, financial advisor or broker sales assistant and you feel you have been treated unfairly by AG Edwards, Edward Jones, and Merrill Lynch in New Jersey, Illinois, Missouri, or elsewhere in the United States, you may be entitled to restitution for your situation. You worked hard to succeed, and you deserve compensation for your labor. Let a dedicated and professional stockbroker overtime lawyer help you stand up for your rights today.
