Citigroup Settles Legg Mason Brokers' OT Class Action

Law360, New York (May 12, 2010, 5:53 PM EDT) -- Citigroup Global Markets Inc. has agreed to pay $385,820 to settle a wage-and-hour class action alleging it misclassified former Legg Mason Wood Walker Inc. securities brokers as exempt from overtime law.

Judge Sylvia H. Rambo of the U.S. District Court for the Middle District of Pennsylvania on Tuesday granted preliminary approval to the proposed deal and conditionally certified two classes for settlement purposes.

The Pennsylvania class applies to former Legg employees who worked in a Pennsylvania branch between December 2003 and December 2005, and relates to...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.