Plaintiffs Say M.L. Stern Trying To Coerce Settlement

Law360, New York (November 5, 2007, 12:00 AM EST) -- Three plaintiffs in a class action lawsuit over investment firm M.L. Stern's alleged failure to pay its brokers overtime pay have accused the defendant of pressuring plaintiffs to accept settlements.

Lawyers for both M.L. Stern and the plaintiffs had worked out a schedule for negotiating a possible settlement agreement, according to the plaintiffs' motion. But, the motion said, Stern bypassed the procedure and contacted possible members of the settlement class — its own securities brokers — directly.

The firm asked the employees to agree not to...
To view the full article, register now.