Investment Advisors get Green Light for Class Action Seeking Unpaid Overtime From BMO Nesbitt Burns Inc.

TORONTO, Aug. 20, 2013 /CNW/ - Mr. Justice Belobaba of the Ontario Superior Court of Justice has certified a class action against BMO Nesbitt Burns Inc. for unpaid overtime owed to Investment Advisors and Associate Investment Advisors. Mr. Justice Belobaba released his reasons certifying the action on August 20, 2013.

The class action covers over 1,500 current and former Investment Advisors, Associate Investment Advisors and Investment Advisor Trainees, employed by Nesbitt Burns since 2002. Justice Belobaba found that all three of the above employee groups were "…excluded from overtime under the Nesbitt overtime policy because they are paid in whole or in part on commission." The plaintiff alleges that Nesbitt Burns breached their duties to the class members by systematically and improperly denying overtime to the class. The allegations have not yet been proven. The certification decision will allow this case to proceed as a class action.

Yegal Rosen, a former Investment Advisor with Nesbitt Burns, has been appointed as the lead representative plaintiff in the action. Mr. Rosen worked as an Investment Advisor for Nesbitt Burns from 2002-2006. During this time, Mr. Rosen never received overtime compensation, while working between 60-80 hours per week.

This class action follows several other "off the clock" overtime class actions by employees in the banking sector. This is the first "misclassification" case in this area to be certified as a class action.

Current or former Investment Advisors and Associate Investment Advisors who believe they may be class members should contact class counsel.

SOURCE: Koskie Minsky LLP

Koskie Minsky LLP and Mr. Eli Karp at Merchant Law represent the plaintiff in this action.  For more information on this class proceeding please visit www.kmlaw.ca/nesbittclassaction, call 1-866-777-6308 or E-mail [email protected].