Gary J. Oberstein of Nixon Peabody, LLP discusses this issue in his article here, and part of that content is reproduced below:
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In a settlement that may well be a harbinger of things to come for the financial services industry, the brokerage firm of Merrill, Lynch, Pierce, Fenner & Smith has agreed to pay $37 million to settle claims that it failed to pay its California stockbrokers overtime as required by federal and California law.
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