Financial Services Industry

There have been so many cases involving employees in the financial services industries and their exempt status or lack thereof. In another variation on this theme, Provident Savings Bank is seeking review by the US Supreme Court of a Ninth Circuit decision that gave new life to allegations that its mortgage underwriters are non-exempt and

Corinne Burzichelli writes:

The issue of the exempt status of financial services employees has been explored in numerous cases for many years and in different parts of the country.  Now, there is a new chapter to add to this saga.  On February 28, 2017, Judge William J. Martini granted Morgan Stanley Smith Barney LLC’s motion

The financial giant Morgan Stanley announced that it will settle four FLSA collective actions for six million dollars; the suits, filed by financial adviser trainees, alleged that they were not paid overtime properly.  The case is entitled Devries v. Morgan Stanley & Co. LLC et al. and was filed in federal court in the Southern

The grayest of the white collar exemptions (as I often have said) is the administrative.  In a 2-1 decision, the Sixth Circuit has again proven the truth of this maxim.  The Court upheld a district court dismissal of a FLSA class action in which underwriters working for a bank alleged that they were misclassified as

The status of employees in the financial services industry has been the subject of numerous lawsuits and controversies.  The “new” FLSA regulations (from 2004) even postulate that a financial services employee can fit the administrative exemption, if their main job duty is not the selling of financial products.  Then, in March 2010, the US Department