SB Settlement Payout

or Register to post new content in the forum

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Aug 12, 2007 12:48 am

Left SB about 6 months ago for another wirehouse and although we all knew that there had been a settlement reached (bogus overtime lawsuit) for which FAs would recieve a payment I have never heard anything more about it.  Anyone have news on that front?

Aug 12, 2007 7:03 pm
Bobby Hull:

You have to still be employed there to be eligible.


Not true Hull.  Get your facts straight:


<IMG title=Logosmith_barney_2 style="FLOAT: left; MARGIN: 0px 5px 5px 0px" height=43 alt=Logo_smith_barney_2 src="http://lawprofessors.typepad.com/laborprof_blog/images/logo_smith_barney_2.gif" width=150 border="0">It seems like these overtime class action lawsuits keep getting settled for more and more money.


From MarketWatch.com:



Citigroup's (C) Smith Barney brokerage unit has agreed to pay $98 million to settle claims on behalf of thousands of current and former brokers that they are owed overtime pay and other reimbursements


The proposed settlement is the latest and largest by securities firms that claim brokers are exempt from state and federal overtime laws because they are salaried, administrative employees. Brokers' draw on commissions, a monthly loan most receive, qualify as a salary, they argued.