Derivatives Specialists and Unpaid Overtime Law

Derivatives specialists who were denied overtime pay may be able to recover up to three years of back wages.

To be ineligible for overtime pay, an employee must receive a salary of at least $455 per week and perform the job duties of an exempt employee. Derivatives specialists who do not meet these requirements must receive 1.5 times their regular rate of pay for hours worked in excess of 40 during a single workweek. Derivatives specialists who are unsure whether they perform exempt job duties should contact an overtime attorney for information on their legal rights.

Denied overtime as a derivatives specialist? Your employer may have acted in violation of federal or state labor laws. Fill out our free case review form today and our overtime lawyers will determine, at no cost to you, whether you are owed back overtime wages.

Unpaid Overtime Lawsuits: Derivatives Specialists

Merrill Lynch has recently settled two proposed collective actions, which alleged that the company denied overtime pay to its derivatives specialists in violation of federal and state overtime laws. The plaintiffs in the unpaid overtime case described themselves as “back office” workers who performed the following job tasks:

• Processing and confirming transactions
• Inputting data
• Resolving payment discrepancies
• Ensuring coupon and fee payments were received on time
• Reviewing items on daily reports

The derivatives specialists named in the claim earned a salary ranging between $65,000 and $70,000 and were told by their employer that they were ineligible for overtime pay. However, being paid on a salary basis does not automatically prohibit a derivatives specialist from receiving overtime pay. Although the derivatives specialists in this unpaid overtime case met the salary requirements of an exempt employee, they alleged that they did not perform exempt job duties and were therefore entitled to overtime pay. Specifically, the derivatives specialists argued that their work did not relate to the company’s general business operations and they did not exercise independent judgment and discretion in important matters. Additionally, the plaintiffs noted that they worked alongside consultants, who were not working for the banks, but who carried out similar job duties and were eligible for overtime pay.

Overtime Attorneys for Derivatives Specialists

Derivatives specialists who were denied overtime pay can receive a free legal evaluation from our overtime lawyers. At no cost to you, our overtime attorneys will determine your eligibility to recover back pay, among other damages, through an unpaid overtime lawsuit. An employer is prohibited by law from retaliating against workers who exercise their employment rights, so do not hesitate to contact us. Fill out our free legal consultation form today.