When UBS tried this year to head off a class action over compensation practices, the investment bank invoked the contracts that employees signed waiving rights to band together to pursue cases in court.

In March, U.S. District Judge Matthew Kennelly in Chicago allowed the case to proceed against UBS in court, citing a prior decision by the U.S. Court of Appeals for the Seventh Circuit. The appeals court said class action waivers were invalid under federal labor law.

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