A federal judge in Los Angeles has approved a $39 million preliminary settlement to resolve the multidistrict litigation between Wachovia Corp. and more than 10,000 stock brokers who alleged that they were denied overtime pay and other wages. The May 11 order also approved a final settlement in which Prudential Financial Inc., whose retail brokerage division was sold to Wachovia in 2003, agreed to pay $11 million to former stock brokers.
May 13, 2009 at 12:00 AM
1 minute read
U.S. District Judge David O. Carter also approved a final settlement in which Prudential Financial Inc., whose retail brokerage division was sold to Wachovia in 2003, agreed to pay $11 million to former stock brokers.
The settlements approved on May 11 are the latest involving overtime allegations brought by stock brokers. In re: Wachovia Securities Wage & Hour Litigation, MDL No. 1807 (C.D. Calif.)
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