All Press Releases for September 22, 2005
Employers of Stock and Commodities Brokers may be Skirting California Employment Laws
California State and federal Overtime Law may require commissioned brokers to receive overtime pay however many employers still do not comply
/24-7PressRelease/ - LOS ANGELES, CA, September 22, 2005 - Several leading California Employment Law attorneys wish to inform commissioned salespeople, such as Stock and Commodities Brokers of the current employment laws regarding unpaid overtime.
Based on the California Employment Law passed in 2000, Stock and Commodities Brokers may be entitled to back pay for overtime and meal/rest break violations. Typically Stock and Commodities Brokers are compensated entirely on a commission basis and work well over 40 hours per week. These brokers may qualify for overtime pay if the employer cannot meet both the duty and salary test requirements.
Some commodities companies which may be involved in these practices include Charles Schwab, Ameritrade, Discover Brokerage, DLJ Direct, E*Trade, Brown and Company, A.G. Edwards, Solomon Smith Barney, and others.
California Employment Law Specialists note that under the applicable laws, even a single employee can bring a class or collective action lawsuit on behalf of all "similarly situated" plaintiffs working in the same company. To strengthen these claims, the U.S. Labor Commission and the U.S. Supreme Court has ruled that brokerage houses are not exempt from overtime laws.
Several leading legal professionals, in association with LawyersandSettlements.com, urge brokers to learn more about the current overtime and employment laws and submit their case for a free legal evaluation at: https://www.lawyersandsettlements.com/case/overtime_brokers?ref=overtime_brokers_pr
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