JMS To Cough Up $2.88M To Settle Brokers' OT Action

Law360, New York (July 20, 2009, 6:00 PM EDT) -- A federal judge has given the final nod to Janney Montgomery Scott LLC's offer to pay $2.88 million plus interest to settle a class action alleging that the company failed to pay its securities brokers overtime premiums.

Sean Fahry brought the suit in the U.S. District Court for the Eastern District of Pennsylvania in July 2006 on behalf of all current and former JMS securities brokers seeking unpaid wages, compensatory and punitive damages, and other costs under the Fair Labor Standards Act and Pennsylvania employment law....
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