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Financial advisers work to help their clients make smart decisions on stocks, bonds, mutual funds and other financial products. Many times, financial advisers receive commission payments but they also work as regular employees. In this type of setting, many financial advisers are eligible for overtime pay rates when they work in the financial industry.

A former employee of Morgan Stanley Smith Barney LLC who worked as a financial adviser has accused the company of failing to pay overtime in violation of federal wage laws. The lawsuit, filed in U.S. District Court in New Jersey, is the latest of several similar suits filed recently against the Wall Street company over similar wage claims. The suit says that as an "inside sales person," the Morgan Stanley employee was paid on a commission basis and, although he routinely worked more than 40 hours a week, he was never paid overtime.

The suit seeks class-action status for current and former Morgan Stanley financial advisers, who also work as financial consultants or securities brokers. In a similar case, another lawsuit was filed against Morgan Stanley by a service associate who claimed that she worked 70 hours a week and was never paid overtime. She worked for the company from 2006 until 2010, when she claims she was terminated because of cutbacks.