Stockbroker or Financial Advisor
Be advised that AG Edwards, Edward Jones, and Merrill Lynch have recently come under fire from attorneys that claim these brokerage firms willfully misclassified employees in order to deny them overtime compensation based on federal and state law. These companies usually pay their stockbrokers, financial advisors, and sales assistants on a commission basis even though they must regularly work long hours to properly perform their jobs. The Fair Labor Standards Act states that an employee who falls under the professional, executive, or administrative category must be paid a base rate of $455 dollars a week and pass the “salary test requirement,” otherwise they are eligible for overtime compensation. A few salespeople do not qualify for overtime compensation under the law but most do. Some unscrupulous brokerage firms classify non-exempt people into these exempt categories to avoid paying them tens of thousands of dollars of overtime pay.
If employers fail to provide this compensation or classify employees into categories that do not properly suit their profession, the employer can be held legally responsible for any overtime pay withheld. In recent years, plaintiffs in stockbroker and sales assistant overtime pay lawsuits have recovered hundreds of millions of dollars in lost wages and damages. If you are a stock broker, broker assistant, or financial advisor for AG Edwards, Edward Jones or Merrill Lynch and you believe you have had your wages unjustly withheld, you may be able take legal action against your employer. You may be entitled to thousands of dollars in back pay for unpaid overtime wages.
If you need an aggressive Law Firm on your side, call us at 800-862-1260, the call is free, the consultation is free.