(openPR) - A Lawsuit was filed on August 7, 2008 against Merrill Lynch Pierce Fenner & Smith, Inc. for nonpayment of overtime wages to Merrill Lynch’s Senior Sales Associates. The case was filed in the United States District Court for the Southern District of Florida, Case Number 08-CV-61272 and assigned to the Honorable William P. Dimitrouleas.
The Plaintiff, Janet Muto, was employed as a “Senior Sales Associate” from July 5, 2005 through July 2007 in Merrill’s Fort Lauderdale/Oakland Park Boulevard Office. Ms. Muto has worked for Merrill Lynch dating back to 1995, having worked in Merrill’s New York City, West Palm Beach, and Weston offices. Her claim for overtime pay is limited to the last three years due to the Statute of Limitations contained in the Fair Labor Standards Act. Ms. Muto is represented by Joseph M. Maus, Esq. of Maus & Bechert in Pompano Beach, Florida.
Brokerage firms, including Merrill Lynch, Morgan Stanley, UBS and Smith Barney, have all recently come under fire for failing to pay their brokers overtime wages under the Fair Labor Standards Act, a Federal law which requires employers to pay their employees an overtime premium for hours worked in excess of 40 hours per week. Brokerage firms have defended the overtime claims by relying on the administrative and professional exemptions to the Fair Labor Standards Act. Rather than risking the possibility of multi-million dollar verdicts, several of the brokerage firms have chosen to settle prior to trial.
Ms. Muto’s claim is similar to these broker claims as her position as a Senior Sales Associate did not require her to exercise discretion or independent judgment as part of her daily responsibilities. In fact, most of her job duties were related to assisting brokers with customer service, prospecting existing clients for new products, and placing unsolicited orders for existing clients, all under the supervision of a financial advisor. The Department of Labor released an opinion letter in November 2006 indicating that positions like Ms. Muto’s that primarily involve customer service and sales are not exempt positions, and are entitled to overtime pay.
Ms. Muto has also filed a Motion to Permit Court Supervised Notification to other former and current Senior Sales Associates employed in a similar position. If granted by the Court, a notice would go out to all former and current Senior Sales Associates employed by Merrill Lynch providing the opportunity to opt-in the claim. Ms. Muto has filed an affidavit along with the Motion to Permit Court Supervised Notification attesting that she is aware of numerous Senior Sales Associates employed in other Merrill Lynch offices that were performing similar job responsibilities and not being paid properly for their overtime hours.
Joseph M Maus and Associates
901 East Atlantic Boulevard
Pompano Beach, FL 33060
954-784-6310 info@jmmlawyers.com
Joseph M. Maus
Practicing law since 1993 in South Florida. Experienced in accident claims, workers compensation, longshore claims and recovering unpaid overtime wages.
AV rated attorney by Martindale-Hubbell. AV rating is the highest rating awarded for professional ability and adherence to professional standards of conduct and ethics.
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