Stock Brokers: Unpaid Overtime Claims

Stock brokers are commonly the victims of employee misclassification, an illegal wage and hour practice in which an employer purposely misclassifies their workers as exempt from overtime pay.

Employees who do not fall under a specific overtime exemption are generally able to collect overtime pay. Therefore, stock brokers, unless exempt, should receive 1.5 times their regular rate of pay for every hour worked in excess of 40 during a single workweek. Still, stock brokers often fall victim to employee misclassification, a common overtime scam. In an attempt to avoid paying overtime, an employer will intentionally misclassify their stock brokers, who are typically eligible to collect overtime, as exempt from overtime wages.

If you are employed as a stock broker and have been denied overtime pay, it is possible that your employer intentionally misclassified you and your fellow employees in an attempt to avoid paying overtime wages. Fill out our free legal consultation form today and our overtime attorneys will review your claim, at no cost to you, to determine if your employer violated federal or state overtime laws.

Unpaid Overtime Lawsuits: Stock Brokers

Stock brokers and other employees in the financial services industry are not immune to overtime violations, such as employee misclassification or failure to properly pay overtime wages. In May 2009, a federal judge approved a $39 million preliminary settlement to settle a case between Wachovia Corp. and more than 10,000 stock brokers who were allegedly cheated out of overtime pay. According to the unpaid overtime lawsuit, the stock brokers who were denied overtime pay claimed that their employer misclassified them as exempt. In a similar overtime case against financial services firm Janney Montgomery Scott LLC, more than 1300 current and former stock brokers were awarded $2.8 million in back wages and overtime due to their employer’s Fair Labor Standard Act violations. The employees in this unpaid overtime lawsuit held the following job titles:

• Financial consultant
• Financial consultant trainee
• Financial adviser
• Financial adviser trainee

Do you work in the financial services industry as a stock broker or financial consultant? You may be able to file an unpaid overtime lawsuit if you were denied time-and-a-half compensation for your overtime hours. Contact an overtime attorney today to learn your legal rights.

Overtime Attorneys for Stock Brokers

If you have been denied overtime pay as a stock broker, contact an overtime lawyer today. He or she can examine your job duties and other important information to determine if you can file an unpaid overtime lawsuit. Although each case is different, overtime lawsuits have the potential to award plaintiffs with up to three years of unpaid overtime, an equal amount in liquidated damages, and attorney fees. To find out if you have a case for unpaid overtime, fill out our free case review form today.