$5.7 Million Settlement Offer Could Resolve Class Action Overtime Lawsuit Against JPMorgan

$5.7 Million Settlement Offer Could Resolve Class Action Overtime Lawsuit Against JPMorgan

NEW YORK — Banking giant JPMorgan recently offered plaintiffs in a class action overtime pay lawsuit $5.7 million to resolve claims over allegations the company intentionally misclassified hundreds of analysts as overtime exempt workers. According to reports, JPMorgan asked the judge hearing the case to grant the settlement preliminary approval to compensate the estimated 1,056 plaintiffs eligible to join the suit.

The claim, originally filed in 2011 in U.S. District Court for the Southern District of New York, accused JPMorgan of underpaying financial advisors by denying overtime, failing to reimburse for business expenses, and making improper deductions from paychecks. Industry analysts speculate JPMorgan may have settled the claim to avoid any further legal expenses after the judge certified the class following discovery process dragged on for many years.

If approved, the settlement would cover state and federal overtime claims on behalf of over 1,000 current and former financial and private client advisers in New York and New Jersey as well as private client and independent private client advisers in California. While appeals and legal maneuvers reduced the size of the prospective class, the proposed settlement is none the less significant to ensuring that future instances of wage theft do not take place at JPMorgan.

In June 2015, the Second Circuit Court of Appeals upheld a lower District Court’s ruling to allow certain claimants to avoid arbitration under the Financial Industry Regulatory Authority (FIRA). JPMorgan scored a previous victory when the same lower District Court dismissed claims brought by thousands of other similarly affected plaintiffs because these individuals signed valid arbitration agreements requiring employees to resolve claims in an administrative fashion.

JPMorgan is one of many other banking and financial companies under fire in recent years due to taking alleged liberties with classifying certain types of workers as overtime exempt under the Fair Labor Standards Act (FLSA). Fortunately, many courts have balked at the defendant’s arguments and allowed some claims to proceed and hopefully change long-standing industry practices depriving hard working people of their income.

Financial Advisor Unpaid Overtime Lawsuits

 Call (855) 754-2795 or complete the Free Unpaid Overtime Case Review form on the top right of this page if you believe that your wage rights are being violated under the FLSA. Our top-rated team of unpaid wage lawyers will evaluate your situation to determine your best course of action to help you seek justice.

Our office will also determine if it is in your best interest to file a lawsuit against your employer. Because strict time limitations apply for filing these types of claims, we advise you contact our experienced unpaid overtime wage attorneys at your earliest convenience and preserve your legal rights.

Text Now For Free Case Review