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A group of securities brokers who filed a Fair Labor Standards Act lawsuit against RBC Capital Markets was offered a settlement of $5.05 million to bring the wage lawsuit to an end after four years in court. RBC Markets, a brokerage firm, was brought to court by employees who claimed their duties consisted solely of managing finances for the business' clients and they should have been paid overtime. Read on to find out why the FLSA supports this claim. The settlement, if approved, would be distributed among 423 class members.
In wage and overtime lawsuits, employers may try to deny any claims by employees, but the FLSA is clear and it costs employers more money down the line if they try to fight against the wage and hour laws.
Securities brokers - how courts determine overtime eligibility
Under the FLSA, if your work is largely controlled by the company you work for then you do not have independent judgment in making decisions. According to the federal labor and wage laws this means that employees whose work is controlled by the boss are eligible for overtime.
White-Collar Jobs and the FLSA
Some people make the assumption that financial sector or banking industry jobs are not eligible for overtime pay, but this is simply not true. Our firm has represented many employees who worked as accountants, auditors, mortgage loan officers, and other workers. We hear the same story over and over again: The boss simply told them they were exempt from overtime. After calling our firm to determine if this was true we were able to help them recover their back wages and overtime pay, sometimes from three years back, and penalties (or liquidated damages).
Finance and Banking Industry employees: Don't make the costly mistake of taking your boss' word that you are not owed overtime.
Call our labor attorneys at 1-888-449-2068 for a free case review to find out if you are owed money. You can also order our free book, The 10 Biggest Mistakes that can Hurt your Wage and Overtime Claim, to learn about how the FLSA applies to your paycheck.
The Texas overtime lawyers at Kennedy Hodges represent workers nationwide and across Texas in:
Houston, Dallas, Austin, San Antonio, Fort Worth, Pasadena, Laredo, Sugar Land, Lubbock, Illinios, New York, Massachusetts, Los Angeles, Chicago, Philadelphia, Phoenix, San Diego, San Jose, Jacksonville, Indianapolis, San Francisco, Columbus, Charlotte, Detroit, and more.
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