BigClassActions.com

BMO Nesbitt Burns $12M Unpaid Overtime Class Action Settlement Final

- by

Toronto, Ontario: A $12 million settlement has been finalized in an unpaid overtime class action lawsuit pending against BMO Nesbitt Burns Inc, a Canadian finance company.

Filed in 2010, the lawsuit was certified as a class action in 2013. The settlement ends six years of litigation involving some 1,800 investment advisers who worked for Nesbitt between 2002 and 2016.

As part of the settlement, Nesbitt will pay lead plaintiff Yegal Rosen, who worked as a Nesbitt investment adviser from 2002 to 2006, a $10,000 honorarium. As part of the settlement, $6.5 million is allocated for 705 trainee investment advisers and $1.3 million will go to 1,136 senior advisers.

Nesbitt cannot contest any class member’s entitlement to payment, and the amount each member will receive depends on the take-up rate.

Legal Help

If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please fill in our form on the right.

Add Your Comment on This Issue

Fields marked * are mandatory. Please read our comment guidelines before posting.

*Name:

Note: Your name will be published with your comment.

*Email Address:

Your email will only be used if a response is needed.

*Your Comment:
Request Legal Help