Ex-Gold Buyer CEO Must Pay $12M In OT Suit, Judge Says

Law360, New York (April 9, 2014, 7:37 PM EDT) -- The former CEO of defunct gold-buying company THR & Associates Inc. has been hit with a $12.2 million default judgment in a collective action accusing him of failing to pay overtime to his employees, an Illinois federal judge ruled Tuesday.

U.S. District Judge Richard Mills ordered former THR CEO Jeffrey Parsons to fork over $12.2 million to a class of managers, buyers and auditors who were allegedly not paid overtime wages, in violation of the Fair Labor Standards Act.

“We are very pleased and gratified with...
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