Approximately 5,000
California-based financial advisers employed by Morgan Stanley will share in a $42.5
million settlement of an overtime and expenses lawsuit charging that the
financial services company misclassified the advisers as exempt professionals. Because
of the misclassifications, the suit charged, the financial advisers weren’t
paid for overtime hours and were forced to shoulder certain business costs that
the employer should have covered. Morgan Stanley stated that it continues to
believe that the financial advisers were properly classified as exempt
professionals.
Paying Overtime: 10 Key Exemption Concepts
Only one thing really matters in the determination as to whether or not an employee is exempt: The duties the employee performs. Learn how to avoid costly, preventable mistakes with our free White Paper, Paying Overtime: 10 Key Exemption Concepts.