Oppenheimer To Settle Stockbrokers' OT Suit For $2M

Law360, New York (March 29, 2011, 1:33 PM EDT) -- A New York federal judge on Monday preliminarily signed off on a $2 million settlement that resolves a class action brought by Oppenheimer & Co. Inc. stockbrokers who claimed they were misclassified as exempt from overtime pay laws.

Judge Barbara S. Jones of the U.S. District Court for the Southern District of New York preliminarily approved the deal and also conditionally certified the case as a class and collective action for settlement purposes.

The settlement classes conditionally certified by the court include all individuals employed by...
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