UBS will Pay $89 Million to Settle Overtime Suit

Jeremi Young

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UBS Financial services has agreed to settle class-action suits by employees claiming to have been underpaid for overtime work.

Settlement of all claims, both state and federal, could result in payment of up to $89 million.

The basis for the suits was that UBS misclassified as exempt certain financial advisers and employees in training for that job. These employees were paid on a salary basis and were not compensated for overtime.