Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Financial Planning > Behavioral Finance

Former Reps Sue Over Pay

Your article was successfully shared with the contacts you provided.

Lawyers are seeking class-action status for a federal court suit filed on behalf of a former financial consultant and a former trainee who say their former employer failed to pay overtime.

The law firms of Virginia & Ambinder L.L.P., New York, and Leeds, Morelli & Brown L.L.P., Carle Place, New York, have filed the suit in the U.S. District in New York on behalf of Bennet Marcus, Steve Kennedy, and other persons similarly situated who were employed by AXA Advisors L.L.C., AXA Financial Services L.L.C., AXA Network L.L.C., and those companies’ affiliates.

The plaintiffs name as defendants AXA Advisors, AXA Financial and AXA Network. The companies, affiliates of AXA S.A. Paris, are Delaware limited liability companies with principal offices in New York.

The plaintiffs allege that the defendants violated the Fair Labor Standards Act by failing to pay all earned wages; misclassifying the plaintiffs and others who could participate in a class action to exempt them from minimum wage and overtime compensation; and failing to provide overtime pay for time worked in excess of 40 hours per week in a given week.

The plaintiffs say they do not know how big the class is but believes it includes more than 1,000 employees.

New hires received a flat fee for working as “cold callers” and often worked as many 60 hours per week, the plaintiffs say.

“Plaintiffs and, upon information and belief, others similarly situated, were not compensated for any time spent working past forty hours in a week,” the plaintiffs say.

Company representatives were not immediately available to comment on the suit.

Other sales organization coverage from National Underwriter Life & Health:


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.