Morgan Stanley Advisers Launch $5M OT Class Action

Law360, Los Angeles (December 22, 2014, 4:21 PM EST) -- Financial advisers at Morgan Stanley & Co. LLC slapped the bank with a $5 million putative class action in California federal court Friday, accusing it of stiffing workers out of overtime pay and meal and rest breaks during a five- to six-month training period.

The complaint claims Morgan Stanley violated California state wage and hour laws and the California Business & Professions Code by telling the financial adviser associates to only record eight hours every day, even if they worked more, and by not giving them a method to accurately record the hours they actually worked.

Lead plaintiff and former FAA...

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