$12.5M Settlement Reached in Prudential Employment Class Action Lawsuit

This is a settlement for the Prudential Securities lawsuit.

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Santa Clara, CA: A $12.5 million settlement has been reached in an unpaid overtime class action lawsuit pending against Prudential Financial Inc. If approved, the settlement would end claims brought Prudential employees in 12 states in litigation that has lasted more than a decade.

According to recently filed court documents, financial representatives working for Prudential filed the class action in September 2006 alleging the financial management company misclassified them as independent contractors so they were not compensated for overtime. Additionally, they were improperly deducted pay for use of offices, assistants, office supplies and insurance.

The plaintiffs alleged the deductions didn't change their taxable earnings or their pension benefits, that Prudential had violated their contracts, and violated both the Fair Labor Standards Act and state labor laws.

The proposed settlement requires court approval.

The case is Jeffrey Bouder et al. v. Prudential Financial Inc. et al., case number 2:06-cv-04359, in the U.S. District Court for the District of New Jersey.

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