Former UBS Broker Launches Wage Action

Law360, New York (April 29, 2011, 2:05 PM EDT) -- A former securities broker who worked for UBS AG's broker-dealer unit in Los Angeles hit the Swiss financial giant Wednesday with a class action seeking overtime pay under federal wage-and-hour law and other relief under California law.

Eliot Cohen's suit, filed on behalf of potentially thousands of workers who sell financial products, seeks damages and the disgorgement of profits earned by UBS Financial Services Inc. as a result of the alleged unlawful activity.

Cohen and other brokers are not "professionals" under federal labor regulations and did...
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