Friday, March 3, 2006

Morgan Settles Suit on Overtime

Joining the recent crowd of firms settling overtime pay allegations, Morgan Stanley has agreed to pay as much as $42.5 million to settle a lawsuit demanding overtime pay for its California brokers.

The suit, which was filed on behalf of about 5,000 current and former commission-based brokers and broker trainees in the state, claimed that New York-based Morgan Stanley failed to pay required overtime and improperly deducted money from paychecks.
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