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UBS Settles Adviser Overtime Claim For $1.3 Million

NEW YORK —  A group of client adviser associates have reached a $1.3 million settlement with UBS AG in their overtime pay class action lawsuit. The settlement received court approval recently after the New York federal court judge found the agreement resolved the New York Labor Law and Fair Labor Standards Act (FLSA) violations. The client advisers claimed the bank failed to pay them the overtime wages to which they were entitled.

UBS Claim

The client advisers’ lawsuit was filed in January of this year by Ana O’Keefe and Edith Hernandez, former UBS client advisers. In their lawsuit, the client advisers alleged they were misclassified as exempt from overtime in violation of both state labor law and the FLSA. The client advisers claimed they had worked more than 40 hours in a workweek on a regular basis, yet never received overtime compensation, one and a half times their regular rate of pay, for the additional time worked.

The lawsuit was divided into to a collective action based on the FLSA claim, which will include client adviser associates who worked for the company at any time between November 2010 and the date the settlement is finalized, and a class action based on the New York state claim, which will include those working at New York locations between November 2007 and the date the settlement is finalized. The parties were able to reach their settlement quickly, around three months after the lawsuit was filed, because both sides had been negotiating prior to the lawsuit being filed, most likely after the client advisers received their Right to Sue letter.

Filing Overtime Pay Claims

Before you can file a wage or overtime claim in state or federal court you must first file a complaint with either the U.S. Department of Labor (DOL) or your state’s labor department. Filing a complaint with one department will typically result in a complaint being filed automatically in the other. The DOL or the state’s department will conduct an investigation and attempt to mediate an agreement between the parties, if violations are found. If no agreement can be met a Right to Sue letter will be provided. The Right to Sue letter will allow you to file your claim in court. Typically, both parties will continue to negotiate and attempt to reach an agreement even after mediation fails because mutually agreed upon settlements are generally preferable to unpredictable court-mandated judgments.

If you believe your employer has misclassified your position and is not paying you the overtime to which you are entitled, you may have a wage or overtime pay claim. Time is limited for filing wage and overtime complaints so it is important to call today! Our knowledgeable team of overtime pay lawyers can be reached at (855) 754-2795. Or you may complete our Free Unpaid Overtime Case Review form and our experienced legal team will evaluate your claim. If we accept your case, we will represent you under our No Fee Promise. This means there are no legal fees or costs unless you receive a settlement.

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