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.
