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Morgan Stanley Financial Advisor Associate Overtime Lawsuit

Status:
Resolved

On December 19, 2014, Outten & Golden LLP, along with co-counsel Klafter Olsen & Lesser LLC, and Shavitz Law Group, P.A., filed a class action on behalf of Morgan Stanley Smith Barney Pre-Production Financial Adviser Associates (“FAAs”). The case sought compensation for overtime hours FAAs worked during the pre-production phase of the Morgan Stanley FAA training program, including hours spent studying and hours worked outside of the office, at any time from December 19, 2010, to the present.  The lawsuit was called Zajonc v. Morgan Stanley & Co. LLC, No. 14-05563-EMC (N.D. Cal.), and was pending in San Francisco federal court.

Specifically, this lawsuit alleged that Morgan Stanley & Co, LLC, Morgan Stanley Smith Barney LLC, and Morgan Stanley (together, “Morgan Stanley”) violated California law by failing to pay FAAs overtime pay for hours worked over 40 per workweek and over eight per day.  The lawsuit also alleged that Morgan Stanley failed to provide FAA trainees thirty-minute meal periods completely free from work at least once every five hours worked, and off-duty 10-minute rest periods at least once every four hours worked, as required by California wage and hour law.  In addition, this lawsuit alleged that these violations led to other violations under California law, such as failing to provide accurate wage statements and failing to pay all wages due to FAAs. 

On June 13, 2016, Judge Chen ordered the case to be transferred to the Southern District of Florida before the Honorable Kenneth A. Marra.  For more information, please check the case’s docket, DeVries v. Morgan Stanley & Co., LLC, No. 12-81223, in the U.S. District Court for the Southern District of Florida or contact Jahan C. Sagafi.

(*Prior results do not guarantee a similar outcome.)