A class action lawsuit by stockbrokers for unpaid overtime compensation against JPMorgan may go forward, a federal district judge has ruled, Krichman v. JPMorgan, No. 06-CV-15305 (S.D.N.Y.). The stockbrokers claim that they were compensated "on a commission basis" and did not receive payment for hours worked beyond forty in a work week. They also claim that losses sustained by customers were deducted from their commissions. The proposed class would consist of all individuals employed by JPMorgan and related companies since November 28, 2003. A company of the class action complaint can be read here.
Robert L. Abell