Any news on SB Class Action

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Jan 11, 2007 12:16 am

settlement fo OT?  UBS just got theirs.  anyone?  buehler?

Jan 11, 2007 1:31 am

The word at my office is that the payout will come 1st quarter of 07.  No word on how they will calculate the payout per rep.

Jan 11, 2007 10:33 am

I dont think UBS brokers have got theirs unless theyre from California ($44 million).

The settlement hearing for the UBS national settlement ($45 million) is scheduled for January 19.



From what I know, Smith Barney settlement hearing hasnt happened yet either.




Jan 11, 2007 12:07 pm

I think it's all a bunch of BS if you ask me.   

Jan 12, 2007 8:02 am

well they have the $$ from slashing the payout (which is why they did it.)  just wonder when the checks will arrive. 


baby needs a new pair of shoes...with a lot of bling!

Jan 12, 2007 9:13 am

I guess I'm an old school type of guy with my thought process.  I think anyone in a commission-based profession should be subject to overtime without pay.  The harder you work, the more you make. 


People that are making a big deal out of this are either a). pathetic leeches or b). opportunistically looking to make a buck at someone else's expense. 


Either way you look at it, I think it's completely ridiculous.

Jan 12, 2007 10:43 am
BrokerRecruit:

I guess I'm an old school type of guy with my thought process.  I think anyone in a commission-based profession should be subject to overtime without pay.  The harder you work, the more you make. 


People that are making a big deal out of this are either a). pathetic leeches or b). opportunistically looking to make a buck at someone else's expense. 


Either way you look at it, I think it's completely ridiculous.



BR I generally agree with you, and that's been my thought process in the past.  One poster, however, made the very interesting point recently that the b/d's in the wire channel push the rooks especially hard to work long hours w/o extra comp, yet  if  said rook wants to get a weekend job to supplement their income they are generally restricted from doing so.

Jan 12, 2007 2:36 pm

Good point, Joe.  I guess I tailor it towards a seasoned veteran that bitches about the fact that they're commission-paid and work hard hours.  I would have to think that for an exempt employee within the training program/period, this could be relevant.


BTW, joe, when are you going to call LPL and demand some OT pay?  I'll go to my boss today and ask if you do. 

Jan 12, 2007 4:08 pm
BrokerRecruit:

Good point, Joe.  I guess I tailor it towards a seasoned veteran that bitches about the fact that they're commission-paid and work hard hours.  I would have to think that for an exempt employee within the training program/period, this could be relevant.


BTW, joe, when are you going to call LPL and demand some OT pay?  I'll go to my boss today and ask if you do. 





BR I'm not calling them any time soon.

Overall I agree with your original point, and I think these lawsuits are bored tort lawyers looking for a new source of business.
Just the same, when I got my form in the mail I filled it out because UBS got enough blood out of me and I was going to get some back since the settlement fund was going to be out there anyway.

Jan 25, 2007 9:45 am

I'd appreciate knowing if anyone finds out what the scheduled payout dates are... I read first quarter.

Jan 25, 2007 10:51 am
nobleheart:

I'd appreciate knowing if anyone finds out what the scheduled payout dates are... I read first quarter.


I got my check yesterday for $74,317.69

Jan 25, 2007 6:39 pm

Who's leg are you pulling.  You know some of us are sincere about this and hoping UBS will pay this out first quarter.