Wachovia Brokers Demand Overtime Pay

Law360, New York (September 5, 2006, 12:00 AM EDT) -- Wachovia Securities LLC has become the latest investment bank to be accused of not paying overtime wages after Wachovia employees filed a suit against the brokerage late last week.

The suit, filed by current and former Wachovia brokers in the U.S. District Court for the District of Minnesota, alleges that the bank has failed to compensate its employees for overtime hours.

In general, brokers are not paid on a salary basis. Instead, they are paid based on commissions and fees earned towards the company over the...
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