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Wachovia Securities Sued For Overtime Pay

Law360 (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...
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