Maxim Group Settles FLSA Spat With Brokers

Law360, New York (February 22, 2010, 4:25 PM EST) -- Maxim Group LLC has agreed to pay $910,000 to settle a wage-and-hour suit brought by brokers at the investment banking firm who claimed they were not paid for all hours worked and were not properly compensated for overtime hours.

The plaintiffs filed a motion Friday asking the U.S. District Court for the Southern District of New York to give final approval to the deal, which resolves claims that Maxim violated the Fair Labor Standards Act and New York labor law by paying its brokers only commissions....
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