RBC To Pay $5M To Settle Brokers' Wage Suit

Law360, New York (August 17, 2011, 1:52 PM EDT) -- Securities brokers who alleged the Royal Bank of Canada's investment banking arm shorted them on overtime and minimum wages asked a Minnesota federal judge Tuesday to tentatively approve a $5 million settlement of the collective action.

RBC Capital Markets LLC has agreed to pay $5.05 million to settle the allegations that it didn't pay its securities brokers proper overtime and minimum wages as required by federal and state law, according to court filings.

"Despite their strongly held differences in opinion regarding the merits of this case,...
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