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If you are an insurance company employee, you are probably eligible for overtime pay

Insurance company fails to pay financial product marketers overtime and minimum wage under the FLSA; Thousands of U.S. insurance employees affected

A new overtime and wage lawsuit highlights the fact that many employers, large and small companies alike, fail to properly pay employees according to the Fair Labor Standards Act. Even multi-billion dollar corporations, like insurance companies, have to follow the wage and labor laws.

Case in Point

One of the world's largest insurance companies, AXA Advisors, is facing an overtime and minimum wage lawsuit. Thousands of employees, including financial product marketers, financial product marketer trainees and cold callers, filed the lawsuit claiming that they worked 60 hours a week without overtime pay.

The lawsuit against the insurance company, which had 2010 revenues of $129 billion, was filed by over 1,000 workers and former employees and seeks class-action status. The lawsuit claims the violations may stem from 2005.

The wage and overtime lawsuit against the insurance giant seeks back wages and overtime, damages, interest, attorney's fees and costs. AXA is an insurance firm that offers financial advising services and mutual funds broker services, including IRAs and 401(k) accounts.

The FLSA states that many employees who work in the banking, loan, and insurance industries are eligible for overtime pay.

Many employees are afraid to speak up against wage law violations because they fear losing their job. Video - Learn why you should stand up for your rights as a worker: Will I be fired if I speak up?