E-Trade To Pay $1.5M To Settle OT Suit

Law360, New York (February 23, 2012, 5:05 PM EST) -- E-Trade Financial Corp. agreed Thursday to pay $1.5 million to settle with a proposed class of relationship managers who had accused the financial services giant of denying them overtime pay in violation of the Fair Labor Standards Act.

In a motion filed in New York federal court, the employees said the settlement would go towards two subclasses of employees they asked the court to certify, namely relationship managers employed in California from 2008 to April 2011 and similar employees in New York for roughly five years...
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Case Information

Case Title

Palacio v. E* Trade Financial Corporation et al

Case Number



New York Southern

Nature of Suit

Labor: Fair Standards


Loretta A. Preska

Date Filed

May 14, 2010

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