TD Bank Inks Deal To End Stockbrokers' OT Action

Law360, New York (January 21, 2010, 1:19 PM EST) -- TD Bank NA and Bancnorth Investment Group Inc. have agreed to pay $375,000 to resolve claims from a class of roughly 250 stockbrokers who accused the bank of denying them overtime compensation.

In a motion for settlement filed Wednesday in the U.S. District Court for the District of New Jersey, named plaintiffs Monica Bernhard and Susan N. Hyman made the case that the deal, which provides the brokers with a recovery of $53.93 per work month, is the best course of action.

“It is the opinion...
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