Bank Accused of Overtime Law Violations by Fund Accountants
Another alleged example of failure to act in accordance with wage laws has recently been in the news as reports claim that HSBC Bank is being sued by one of their fund accountant’s. The plaintiff filed a class and collective action lawsuit, citing wage and hour violations. The issue in the case involves overtime pay that was not collected by former employees, who the plaintiff claims were misclassified as exempt salaried employees, and therefore were not considered eligible for overtime pay.
New York’s labor laws and the Fair Labor Standards Act, protect employees like the plaintiff who believe that they are not receiving their proper wages. When employees are legally “exempt” from overtime pay, they may work more than 40 hours a week without receiving overtime pay. However, in the case of the fund accountants in question, he and his fellow employees believe they were misclassified as “exempt” in order to help save the company money.
One of the plaintiff’s legal team members spoke to the frequency of worker misclassification saying, “HSBC is undoubtedly aware of its obligations, but as is often the case, it does not comply unless forced to do so by legal action.”
The frequency of misclassification to avoid paying proper overtime wages is troubling. We aim to help lower the rate of employees who are not receiving the overtime pay they deserve, by bringing companies that violate federal and state laws to justice. If you believe wage laws are being violated by the company you work for, contact our law firm to see how we can assist you in recovering the pay you have already earned.