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.