Smith Barney Stockbroker Overtime

September 8 2006

A class action lawsuit has been filed in US District Court alleging that Citigroup Smith Barney failed to pay overtime to stockbrokers in violation of state and federal wage laws. Overtime pay is required by the US Fair Labor Standards Act and nonexempt employees must be paid time-and-a half after working more than 40 hours in a week. Smith Barney has about 12,000 brokers who could be covered by the suit.

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