An LPL Financial employee has filed a lawsuit accusing the firm of systemic wage and hour violations under California's labor code, including failure to include bonuses in calculating sick pay, to pay for all overtime hours worked and to reimburse all expenses.
Austin Terrazas, listed on his LinkedIn profile as an LPL financial service support specialist, sued the wealth management firm Monday in California Superior Court for San Diego County as a representative of other current and former non-exempt California employees. Class certification isn't required, according to the complaint, which he filed under the state's Private Attorneys General Act.
The case, rather than a traditional class action lawsuit, is an enforcement action brought by an aggrieved employee, according to an attorney representing Terrazas.
The lawsuit alleges a company-wide payroll deficiency caused LPL to systematically underpay Terrazas and other non-exempt employees by not including all bonuses in calculating sick leave. The complaint also contends the firm failed to pay for all overtime hours worked beyond eight hours in a day or 40 hours in a week.
The complaint also contends the firm failed to properly "true up" all overtime pay based on various incentives earned, including bonuses, incentives, shift and holiday differential earnings and on-call payments. Terrazas also alleges LPL failed to pay employees sick pay, overtime and meal-rest premium wages in a timely manner. Terrazas, among other allegations, contends LPL failed to adequately reimburse employees for incurred expenses such as cell phone use.
Terrazas is seeking civil penalties and injunctive relief.
Representatives for LPL didn't immediately respond to an email Wednesday seeking comment.
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