Law360, New York (December 06, 2006, 12:00 AM ET) -- Though plaintiffs attorneys around the country have argued otherwise, the U.S. Labor Department recently issued a letter that said brokers and other registered representatives are not entitled to overtime pay.
The courts are not bound by the DOL guidelines, but many attorneys said they expected the letter to play a significant role in the 60 or so broker overtime wage suits that have been filed against the financial services industry nationwide.
“I think it’s a very big deal,” said Sam S. Shaulson, a partner in Morgan,...
DOL Says Brokers Don’t Deserve Overtime
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