Santa Clara, CA: A tentative a $5.7 million settlement has been reached in an unpaid overtime class action lawsuit pending against JPMorgan Chase. The suit was brought by JP Morgan Chase financial advisers who allege the bank violated Fair Labor Standards Act (FLSA) by failing to pay them for overtime worked.
The plaintiffs also alleged that JP Morgan Chase made unauthorized deductions from their wages, and that they were improperly required to pay for expenses, in violation of state laws.
If approved, the settlement would see compensation for 1,056 opt-in plaintiffs in proposed classes of financial advisers in California, New Jersey and New York.
The class action involves two separate suits, one filed in December 2011 by Jeffrey Lloyd and Ellen Szymkiewicz , who alleged overtime violations. Then, June 2012, the court accepted a similar case by Kenneth Ciullo.
The cases are Lloyd et al. v. JPMorgan Chase & Co. et al. and Ciullo v. JP Morgan Chase & Co. et al., case numbers 1:11-cv-09305 and 1:12-cv-02197, in the U.S. District Court for the Southern District of New York.