Registered Rep mag profiles Mark Theirman, a class action lawyer (it’s Class Action Day at DealBreaker) and ginormous Star Wars fan who is bringing suit against several large financial services firms for failing to compensate brokers for overtime work:
Thierman is now bringing his legal campaign east, with about 35 more class-action lawsuits, including some in New York, New Jersey and Pennsylvania. The list includes nearly every firm you’d expect, and then some: A.G. Edwards, Bear Stearns, Merrill Lynch, Morgan Stanley, Smith Barney, Edward Jones, Wachovia Securities and Raymond James & Associates. Thierman estimates that the suits represent about 100,000 brokers, past and present.
A few firms have settled with Thierman, while simultaneously arguing that they’re exempt from the Fair Labor Standards Act of 1938. In our totally inexpert opinion, they probably are, but we have trouble taking a guy with Obi-Wan vanity plates seriously in the first place.
Wall Street Wage Fight [RegisteredRep.com]