Canada:
Settlement Of Investment Advisor Overtime Class Action
22 August 2016
Borden Ladner Gervais LLP
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On July 21, 2016, Justice Belobaba approved the settlement of a
class action claiming unpaid overtime for Nesbitt investment
advisors in Rosen v. BMO Nestbitt Burns Inc. The
decision further included an honorarium of $10,000 for the
representative plaintiff. The class members were approximately 1800
former investment advisors who claimed to be entitled to overtime
payment in accordance with provincial employment standards law. The
basis for their claim was that they were misclassified as
commission-based employees and therefore not entitled to overtime
pay. The action, certified in April 2013, is so far the only
misclassification overtime class action in Canada to be certified
on a contested basis and upheld on appeal.
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