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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.