HSBC Makes $15.6M Deal To End Bankers’ OT Class Action

Law360, New York (November 27, 2012, 1:36 PM EST) -- HSBC Bank USA NA has agreed to pay $15.6 million to resolve a putative class action alleging the company withheld overtime wages from some of its bankers, managers and specialists, according to a proposed settlement filed Monday in New York federal court.

The plaintiffs' class representatives asked the court for preliminary approval of their settlement, as well as conditional certification for four subclasses of employees who worked for HSBC in New York, California, Connecticut and New Jersey, saying efficiency weighed in favor of a settlement....
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