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.