Wachovia Securities Sued For Overtime Pay

Law360, New York (October 18, 2006, 12:00 AM EDT) -- Two former stock brokers with Wachovia Securities have filed a proposed class action lawsuit against the company, accusing it of failing to properly compensate brokers and financial consultants for overtime hours.

The lawsuit was filed Monday in federal court in New Jersey, where both named plaintiffs reside.

Wachovia Securities ran afoul of the Fair Labor Standards Act of 1938 by not paying employees for all hours worked in a given week, and not paying the legally mandated overtime rate for hours worked beyond the 40-hour threshold...
To view the full article, register now.

Law360 UK

UK Financial Services

Read Our Latest UK Legal News & Analysis

Financial Services Law360 UK and Insurance Law360 UK provide breaking news and in-depth analysis on U.K. and European Union regulation, enforcement, legislation, and litigation involving banks, investment firms, insurers, and more.