Wage & Overtime

Financial Services Employees

Outten & Golden lawyers are experienced in representing financial services employees in New York City, as well as around the country and the world.  People who work in the financial services industry in the U.S. are often the victims of large scale wage theft by their corporate employers, which violates federal and state wage and hour laws that require premium overtime pay for all hours worked over 40 in a workweek. Instead of paying employees the required overtime, some employers misclassify their financial services employees as “exempt” from overtime laws and pay them a salary instead.  But exemptions from overtime laws are narrowly defined and the burden is on employers to prove that their workers qualify for exemptions.  

Outten & Golden attorneys remain on the forefront of important wage and overtime cases to stop rampant wage abuse in the financial services industry. 

Related Cases

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...

Alliance Bernstein Entry-Level Associate Portfolio Managers Misclassification Lawsuit

Status:
Active

Outten & Golden LLP, along with co-counsel, the Law Offices of Gregory R. Fidlon, P.C. of Atlanta, Georgia, represents a group of AllianceBernstein associate portfolio managers. AllianceBernstein is a global investment management firm providing investment services to clients. The Plaintiffs brought...

News

PNC Accused Of Stiffing Call Center Workers On OT

Law360—Matthew Santoni

PNC Bank and its parent company failed to pay call center workers for their overtime hours by making them read work-related emails off the clock and keeping them at work during meal breaks, according to a proposed class action filed Friday in Pennsylvania federal court.

Ex-Morgan Stanley FAs Claim the Wirehouse Shortchanged Them on Expenses

Financial Advisor IQ - Miriam Rozen

Three of its former financial advisors have alleged Morgan Stanley shortchanged them and some 2,800 other employees when reimbursing their business expenses. But only one of them, Brandon Harvey, has succeeded in securing a tentative $10 million settlement based on his proposed class action lawsuit.

Under the proposed deal, Morgan Stanley would pay Harvey and other former and existing Morgan Stanley employees around $3,600 each.

In addition, Harvey, who worked for Morgan Stanley for four years until 2018 when he left for his current firm LPL Financial, would receive $10,000 for his services...