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SB Settlement Payout

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Aug 12, 2007 4:48 am

dividends

Joined: 2004-12-04Offline

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 11:03 pm

dividends

Joined: 2004-12-04Offline

[quote=Bobby Hull]You have to still be employed there to be eligible.[/quote]

Not true Hull.  Get your facts straight:

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.