The Exemption Question In Financial Services

Law360, New York (August 28, 2009, 3:08 PM EDT) -- The recent case of Sexton v. Franklin First Financial Ltd. is illustrative of the dangers facing employers in the financial services industry and it highlights the thorny problem of perhaps wholesale misclassification of employees in this industry as exempt from overtime.

In Sexton, a federal judge has granted conditional certification to a Fair Labor Standards Act collective action alleging Franklin First Financial Ltd. failed to pay overtime to a class of loan officers.

This is the latest (and surely not the last) of a host of...
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