| Similar Articles |
|---|
 |
Registered Rep.
June 1, 2006
Halah Touryalai |
Overtime Settlements Stacking Up Citigroup agreed in mid-May to pay a record $98 million to past and present advisors to settle their overtime-pay claims. It's the fourth major financial firm to settle a class-action suit regarding overtime pay within the past 10 months.   |
Registered Rep.
November 29, 2006
Halah Touryalai |
Merrill Lynch to Pay National Overtime Settlement The financial firm has decided to consolidate the numerous overtime lawsuits that have been filed against the firm and settle nationally with its brokers. |
Registered Rep.
May 22, 2006
Halah Touryalai |
Brokers Ring Up Another Big Overtime-Pay Settlement Citigroup has agreed to pay a up to $98 million, a record-breaking figure, to past and present advisors to settle their overtime-pay claims. |
Registered Rep.
July 1, 2006
Halah Touryalai |
Ready to Punch the Clock? Most registered reps compare themselves to professionals, such as doctors and lawyers. However, it seems that according to an interpretation of federal law, financial advisors may be held to the same labor law standards as an hourly employee. |
Registered Rep.
May 1, 2006
Halah Touryalai |
Wall Street Wage Fight An activist labor lawyer's allegations, if correct, raise serious issues on compensation practices at financial institutions. By applying a landmark, Depression-era labor law to the brokerage business, he has settled class-action suits against two wirehouse firms in California already. |
Registered Rep.
February 22, 2006
Halah Touryalai |
Brokers Headed for Sweep in Overtime Pay Cases? Stockbrokers have won their second big overtime pay case against Wall Street firms and this may only be the beginning of a rout that could cost brokerage houses many millions of dollars more. |
Registered Rep.
December 1, 2006
Halah Touryalai |
Department of Labor to Brokers: No Overtime Pay for You Here is a new twist in the broker overtime pay lawsuits: The Department of Labor (DOL) says brokers are not entitled to overtime pay after all. Well, that is, unless the DOL is wrong, which it allowed could be the case. (No kidding.) |
Registered Rep.
March 3, 2006
Halah Tourylai |
Third Wirehouse Coughs Up Millions In Overtime Cases Yesterday, Morgan Stanley became the third wirehouse, after Merrill Lynch and UBS, to settle class action suits with California brokers over overtime pay in the past seven months -- the second in three weeks. |
Registered Rep.
September 1, 2005
Kristen French |
Ready to Punch a Time Clock Merrill Lynch paid $37 million to settle claims that it owes thousands of former brokers overtime pay. Now, class-action attorneys smell blood. |
Registered Rep.
March 1, 2006
John Churchill |
Everybody Wants Their Overtime UBS said it has agreed to pay $89 million to settle class-action wage and hours claims of reps filed this past summer in several federal courts. |
Registered Rep.
July 14, 2008
Halah Touryalai |
Morgan Stanley Offers $50 million In Overtime Settlement The settlement covers all financial advisors, trainees, producing branch managers, assistant branch managers and sales managers who live outside of California and were employed with the New York-based firm between Sept. 1, 2002, and April 21, 2008. |
Registered Rep.
July 27, 2010
Halah Touryalai |
Overtime Suits Resurface, This Time for Independent Reps On July 22, Mark Thierman, a labor lawyer in Reno, Nevada, filed a complaint against LPL Financial for violating New York State overtime laws by not paying its reps overtime wages. |
BusinessWeek
October 1, 2007
Michael Orey |
Wage Wars Workers - from truck drivers to stockbrokers - are winning huge overtime lawsuits. |
Registered Rep.
February 9, 2006
John Churchill |
Pro Or Hourly Wage Earner? UBS Pays $89 Million to Settle Overtime Suits The settlement resolves claims that UBS incorrectly classified financial advisors and financial advisor trainees as exempt from overtime pay under federal and U.S. state laws. |
Registered Rep.
April 27, 2010
Halah Touryalai |
Judge Says Citi Brokers Must Repay Bonuses; Appeal Comes Next Former Citigroup brokers, who wanted courts to dismiss debts the firm said they owed on loans awarded when they were hired, were turned down by a district court judge. But they are planning to appeal that decision. |
Investment Advisor
July 2006
Kathleen M. McBride |
B/d Briefing: Two Faces of Wall Street Few financial professionals expect to work a 40-hour week on Wall Street. So it was surprising to see the extent of rep participation in class-action lawsuits over broker overtime, and the astounding settlements that have been awarded. |
Registered Rep.
August 24, 2007
Halah Touryalai |
Overtime Claims Make Their Way To Schwab The lawyers involved in a number of overtime cases against major wirehouse firms, including UBS and Merrill Lynch, filed a new one against Charles Schwab in July. |
Registered Rep.
September 14, 2005
Kristen French |
Overtime Pay, Chargebacks Under Fire; Morgan Stanley Latest Firm in Lawyers' Sights A $450 million class-action lawsuit filed in New York against Morgan Stanley on Friday could have major implications for brokerages' pay practices in the state. |
Registered Rep.
September 13, 2007
Halah Touryalai |
Overtime Finally Pays Off Smith Barney brokers may be the first to cash in on overtime lawsuits that have been all the rage over the last two years. |
Registered Rep.
June 15, 2007
Halah Touryalai |
Merrill Requests End to Discovery in Racial Discrimination Suit Registered Rep. reported in error that a judge ruled in favor of Merrill Lynch in a discrimination suit. The judge in the case has referred the decision to a magistrate judge and a ruling has yet to be made. |
Registered Rep.
December 22, 2006
Halah Touryalai |
Spitzer Wants More Settlement Dollars for New York UBS Reps New York Attorney General and Governor-elect Eliot Spitzer is asking a Northern California court to disapprove the settlement terms of an overtime suit against UBS. |
Registered Rep.
March 1, 2010
Halah Touryalai |
Bonus Repayment Suit Turns Into Battle Over Forced Arbitration A court case over the repayment of upfront loans to brokers is turning into a legal battle over forced FINRA arbitration. |
Registered Rep.
December 12, 2006
Halah Touryalai |
Smith Barney Pay Package: Perks Balance Cuts? This week, Smith Barney will become the first firm to make a change to its payout grid as a result of the securities industry's recent battle over broker overtime pay and so-called chargebacks. |
Registered Rep.
December 1, 2005 |
Registered Rep.'s Broker Report Cards How seven of the nation's largest brokerage firms stack up against each other. |
U.S. Banker
November 2007
Karen Krebsbach |
Legal Losses Mount for Banks Found to Run Afoul of Labor Laws A recent spate of big-ticket class-action settlements against retail and investment banks over Fair Labor Standards Act violations is forcing firms to better arm themselves for battle. |
Registered Rep.
December 1, 2005
Kristen French |
Where's My Money? After California brokers won $37 million in an overtime lawsuit against Merrill Lynch in August, a slew of copycat lawsuits have been filed against other brokerage firms, many of them in New York. |
Registered Rep.
May 2, 2007
John Churchill |
SEC Fines A.G. Edwards for Failure to Supervise Add A.G. Edwards to the long list of firms that have been fined by the SEC for long-ago failures to supervise brokers who deceptively market timed mutual funds. |
Registered Rep.
May 31, 2007
Kevin Burke |
Wachovia Buys A.G. Edwards for $6.8 Billion, Creating New Rival to Merrill, Smith Barney The deal puts Wachovia among the top three competitors in retail brokerage -- in terms of both assets and advisors -- and retail banking. |
Registered Rep.
November 1, 2006
John Churchill |
A.G.E. to Catch a Rep Instead of buying brokers like its peers with offers of big upfront forgivable loans, A.G. Edwards is offering its own reps bonuses for successfully recruiting good reps. |
Registered Rep.
February 21, 2007
John Churchill |
Smith Barney Comp Pleasant Surprise Judging from initial reports from reps, the written version of the new plan is an improvement from the prior version -- a plan many reps equated to a pay cut despite the firm's insistence that it was "revenue neutral." |
CFO
October 1, 2006
John Goff |
Pain-and-a-Half What's behind the startling rise in overtime lawsuits? Confusion, collusion, and a dash of retribution. |
Registered Rep.
October 1, 2002 |
Warm Bodies Brokerages ranked by number of reps. |
Registered Rep.
January 31, 2006
John Churchill |
A.G. Edwards Cutting Compensation As the brokerage industry moves upmarket and seeks better return on equity and profit margins, the pressure for reps (and their firms) to produce continues to increase. |
Registered Rep.
July 13, 2007
Susan Konig |
Post Acquisition, A.G. Edwards BOMs Have Tough Job to Do With the Wachovia purchase of A.G. Edwards, it's not just A.G. Edwards reps (some of whom fear that the AGE corporate culture will change) who are worried. So are acquired firm's branch managers. |
Registered Rep.
May 13, 2003
Will Leitch |
A.G. Edwards Ready For Its Close-Up After years of subsisting as a well regarded, lightly publicized regional firm (albeit the largest one), A.G. Edwards is stepping it up a notch. The firm wants to raise its nationwide profile, which is vastly smaller than that of the larger wirehouses. |
Registered Rep.
August 3, 2011
Kristen French |
New Merrill Overtime Lawsuit Aims to Overturn System of Compensation, Alleged Culture of Discrimination The giant Wall Street financial firms have settled numerous overtime pay and discrimination claims over the past decade and a half, but a recent suit filed in New York represents a new twist on some old themes. |
Registered Rep.
September 8, 2006
Halah Touryalai |
Merrill Discrimination Suit Moves Forward After Failed Settlement Talks The racial-discrimination suit against Merrill Lynch is under way again after settlement talks between African-American brokers and the firm came to a halt in early June. |
CFO
March 1, 2003
Alix Nyberg |
Avoiding Overtime Losses Managers and executives are joining class-action lawsuits that insist their companies have denied them millions of dollars in overtime pay. |
The Motley Fool
September 24, 2004
Nathan Slaughter |
A.G. Edwards Misses the Mark The full-service broker reports Q2 earnings just shy of estimates. |
Registered Rep.
January 8, 2010
Jerry Gleeson |
Wells FA Team Bolts for Moneta, an RIA More proof of the breakaway broker phenomenon, albeit anecdotal? Moneta Group has hired two veterans legacy A.G. Edwards advisors, the company said today, amid a nascent national trend of advisors leaving wirehouses for smaller independents. |
Registered Rep.
January 9, 2006
Kristen French |
Ed Jones, AG Edwards, Baird: Great to Work For The three regional brokerage firms made Fortune magazine's top 100 companies to work for this year. Brokers at AG Edwards and Edward Jones gave their firms the highest marks for everything from sales support to management to ethics. |
Entrepreneur
February 2008
Chris Penttila |
Compensating Overtime Employees Here's why one entrepreneur hired on an HR person to take care of overtime pay. |
Inc.
February 1, 2003
Christopher Caggiano |
Red Tape: Are You Cheating Your Employees? Litigation from wage-and-hour disputes is skyrocketing. And you may be breaking the law without even knowing it. |
Registered Rep.
April 20, 2009
Christina Mucciolo |
Benjamin Edwards Passes Away at 77 Edwards, 77, was the great-grandson of the company's founder, Albert Gallatin Edwards, and led the former regional for 45 years before retiring in 2001 and assuming the title of chairman emeritus. |
Registered Rep.
May 1, 2006
John Churchill |
Score One for Diversity UBS has hired a prominent black Smith Barney broker. |
National Real Estate Investor
November 1, 2005
Carey Bartell |
Are Your Overtime Pay Practices In Check? Many mortgage lenders are reviewing their own overtime pay practices to avoid a Department of Labor investigation or overtime pay lawsuit -- and the associated back wages and penalties. |
Registered Rep.
January 1, 2007
Kristen French |
More or Less? Smith Barney overhauled its pay package -- just in time for the new year. Some of the changes it made were pretty radical -- especially for an industry in which any pay change, no matter how minor, is often a source of uproar. |
Registered Rep.
February 23, 2007
Kevin Burke |
Disgruntled Smith Barney Brokers Are Voting with Their Feet Sixty-nine brokers left Smith Barney, just ahead of a three-day weekend. Fridays before a long weekend are historically prime times for unhappy brokers to make a clean break, but the large number of brokers taking off on a single day is alarming. |
Registered Rep.
January 13, 2010
Halah Touryalai |
Citi Files Motion To Dismiss In Bonus Pay Class Action The original lawsuit was brought on behalf of 6 former Citigroup brokers who allege that the payback terms on their upfront bonuses violate contract law, and that they do not owe the firm any money. |
Registered Rep.
April 12, 2004
Will Leitch |
A.G. Edwards Inks Deal With Morningstar A. G. Edwards signs deal with investment research firm Morningstar to integrate its mutual fund research, data and ratings with Edwards' existing infrastructure. |
