$12.5M Settlement Gets Preliminary Approval in Prudential Unpaid Overtime class Action Lawsuit

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Newark, NJ: Prudential Financial Inc. and Prudential Insurance Co. of America have agreed a $12.5 million settlement in two unpaid overtime class action lawsuits filed by agents who allege they were denied overtime pay in violation of various state laws and the Fair Labor Standards Act (FLSA). If granted final approval, the settlement will also resolve allegations that Prudential took unlawful deductions, and/or required some Covered Agents to bear certain necessary business-related expenses.

The class consists of Prudential Statutory Agents, Prudential Representatives, Financial Services Associates, Financial Professional Associates or any predecessors, successors or related positions (the “Covered Agents”) in certain states at any time between December 15, 2002 and August 1, 2017.

Filed in 2006 by financial representatives of Prudential, the lawsuit claims that the plaintiffs were misclassified as independent contractors and, consequently, had their wages improperly docked. Further, the complaint alleges Prudential failed to provided the plaintiffs with overtime pay that they were entitled to under the law.

Preliminary approval was granted on August 1, 2017. The final hearing is scheduled for December 2017.

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