Employee Misclassification In Finance, Consulting

Law360, New York (May 4, 2009, 12:00 AM EDT) -- Hardly a week goes by without a news article about a U.S. Department of Labor investigation or a collective action concerning the misclassification of employees under the Fair Labor Standards Act.

Although these FLSA actions cut across a wide swath of industries, traditionally white collar industries, such as the financial services and consulting industries, have experienced much recent activity concerning misclassification issues.

As examples of this activity, in March 2009, Merrill Lynch & Co. agreed to pay 60 employees called "senior specialists" a total of $517,000...
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