Lawsuits for Stockbroker Overtime- Unpaid compensation

Stockbroker Overtime at AG Edwards, Edward Jones, and Merrill Lynch

AG Edwards, Edward Jones, and Merrill Lynch have recently come under fire from attorneys that claim these brokerage firms willfully misclassified employees in order to deny them overtime compensation based on federal and state law.  These companies usually pay their stockbrokers and sales assistants on a commission basis, in spite of the fact that they must regularly work long hours in order to properly perform their jobs. 

The Fair Labor Standards Act states that an employee who falls under the professional, executive, or administrative category must be paid a base rate of $455 dollars a week and pass the “salary test requirement,” otherwise they are eligible for overtime compensation.  Some salespeople do not qualify for overtime compensation under the law, and as such some unscrupulous brokerages classify non-exempt people into these categories in order to avoid paying tens of thousands of dollars of rightfully earned overtime pay. 

If employers fail to provide this compensation or classify employees into categories that do not properly suit their profession, the employer can be held legally responsible for any overtime pay withheld.  In recent years, plaintiffs in stockbroker and sales assistant overtime pay lawsuits have recovered hundreds of millions of dollars in lost wages and damages.

Merrill Lynch was recently targeted by ex-employees who claim it withheld thousands of dollars of overtime pay due to narrow interpretations of federal and state law.  Stockbroker overtime attorneys brought suit in California in order to force the company to pay an average of $8,500 to 3,250 brokers who were forced to work beyond legal hourly requirements, and now brokers in Illinois, New Jersey, and Missouri have begun to file similar claims.  Furthermore, AG Edwards, and Edward Jones brokerage firms have also been named as potential defendants in the cases involving unpaid overtime.

If you are a stock broker, broker assistant, or financial advisor for AG Edwards, Edward Jones and Merrill Lynch and you believe you have had your wages unjustly withheld, you may be able take legal action against your former employer.  Brokerage employees in Illinois, Missouri, New Jersey and other states need to consult a stockbroker unpaid overtime attorney immediately.  You may be entitled to potentially thousands of dollars in back pay, but if you hesitate you could lose your chance for justice.  Contact a stockbroker unpaid overtime lawyer today.

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