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.