New York City Stockbrokers Fall Victim to Job Misclassification

There is a lot of gray area when it comes to which employees are entitled to receive overtime wages. For decades, many New York business owners assumed that only blue collar workers were entitled to such protections. A recent Obama administration proposal has highlighted this issue and sets to extend the protections to more than just blue collar employers. Among those with the most to gain from this change are the tens of thousands of stockbrokers throughout New York City.

There have already been several class action lawsuits filed against J.P. Morgan Chase and Bank of America for employee misclassification of stockbrokers. Many of the cases have been settled with millions of dollars paid to the stockbrokers for unpaid overtime wages. The NYC employee misclassification attorneys that filed the lawsuits argued that their long hours and type of duties they performed were not of the type that are excluded from receiving overtime wages.

Under the new law, there would be a clearer line that stockbrokers would not qualify as part of the employees that are exempt from receiving overtime wages. The more clear intent will help employees in their attempts to file class action lawsuits and recover unpaid overtime wages. Employee rights attorneys expect for stockbrokers in New York and throughout the country to recover millions of dollars in unpaid wages.

It is clear that not only blue collar workers are entitled to overtime wages for their hard work and long hours. Stockbrokers that do not currently receive overtime wages from their employers should not wait before taking legal action and speaking with a NYC employee misclassification attorney. There are millions of dollars up for grabs for employees that have been misclassified by their brokerage firms.

The employee misclassification attorneys at Hepworth, Gershbaum & Roth, PLLC offer free initial consultations to discuss your legal rights to recover compensation from our employer. Schedule an appointment by calling 212-545-1199 or contact us online.