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Lawsuits force changes as securities firms pay major settlements for claiming that stock brokers are exempt from overtime wages.
Lawsuit against Oppenheimer alleges Stock Brokers may be entitled to Overtime Pay
New York, NY - May 29, 2006 - (PR WEB) - Similar to the Citigroup/Smith Barney lawsuit that was recently settled for $98 million, and spearheaded by prominent class action attorney Mark Theirman, a class action against OppenheimerFunds has been filed by Leon Greenberg in conjunction with Mark Thierman, Blumenthal & Markham and United Employees Law Group, claiming that the brokerage firm is in violation of the Fair Labor Standards Act, by classifying its brokers as exempt from overtime. (Case 650100/06, filed Supreme Court, State of New York, New York County.)
Securities brokers allege that their pay is based on sales commissions and that they are not guaranteed a salary, while the brokerage house claims stock brokers are salaried employees receiving a "guaranteed draw" each month.
"Stock and commodity brokers commonly work more than the required 8 hours a day," says lawyer Walter Haines, "starting as early as 6 am and working well after 5 pm, not to mention weekends."
"Brokerage houses have long dodged their responsibilities to pay their broker dealers for the grueling overtime hours they put in." he ads. "It's time for them to pay up."
Other brokerage firms such as AG Edwards, Ameritrade, Amex Securities, Bear Stearns, E-Trade, Goldman Sachs, Legg Mason, Raymond James, and T-Rowe Price may be engaging in similar behavior.
If you are a commissioned stock broker, commodity broker or broker dealer and work for any of the above mentioned firms, you may be entitled to overtime pay, as well as reimbursement for company related expenses that you may have paid for, such as secretarial staffing. [File your unpaid overtime complaint] and United Employees Law Group will evaluate your claim at no cost.
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