Investment Banks Take The Offensive In FLSA Suits

Law360, New York (September 13, 2007, 12:00 AM EDT) -- Though often the defendants in class action suits choose to settle rather than wage long and costly court battles, investment banks targeted by the recent rash of employment suits filed by brokers are coming out swinging, which may spell trouble for plaintiffs.

Over the past few years, almost all of Wall Street's biggest banks have been hit with lawsuits alleging that they violated the Fair Labor Standards Act by classifying brokers as administrators rather than as sales people, which exempts them from eligibility for overtime pay....
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