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Brokers Hit Morgan Stanley With FLSA Suit

Law360 (January 22, 2007, 12:00 AM EST) -- Defying the will of the U.S. Department of Labor, lawyers for two securities brokers in Ohio have filed a proposed class action lawsuit against Morgan Stanley Inc. for unpaid overtime wages, accusing the lender of wrongfully labeling the group as exempt.

The lawsuit flies in the face of a letter issued in early December 2006 by the DOL, which sought to address the sticky issue by saying publicly that brokers and other registered representatives are not entitled to overtime pay.

If the new suit is any...
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