UBS AG, a financial
services company based in
has agreed to pay up to $89 million to settle class action lawsuits alleging
the company misclassified workers as exempt from overtime compensation. The
settlement resolves claims that the firm incorrectly classified financial
advisors and financial advisor trainees as exempt administrators under the
federal Fair Labor Standards Act and the laws of various states—including
employs such employees. The suits also charged that UBS improperly charged
financial advisors and trainees for expenses. Up to 25,000 employees could
share in the settlement proceeds. The company did not admit wrongdoing in
settling the suits, but said resolving the suits short of trial was in the best
interests of its employees and clients.
The HR Management & Compliance Report: How To Comply with California Wage & Hour Law, explains everything you need to know to stay in compliance with the state’s complex and ever-changing rules, laws, and regulations in this area. Coverage on bonuses, meal and rest breaks, overtime, alternative workweeks, final paychecks, and more.