TORONTO, Dec. 18, 2013 /CNW/ - In Reasons released December 17th 2013, Madam Justice Sachs of The Divisional Court denied BMO Nesbitt Burns Inc. leave to appeal from an earlier decision certifying a class action against Nesbitt Burns for overtime compensation. The denial of leave to appeal means that the earlier order of Justice Belobaba certifying the class action against BMO Nesbitt Burns Inc. stands.
Class Counsel believe that up to 1,500 current and former Investment Advisors, Associate Investment Advisors and Investment Advisor Trainees, employed by Nesbitt Burns since 2002, may potentially be class members.
The class action claim alleges that Nesbitt Burns breached its duties to the class members by systematically and improperly denying overtime to the class. The allegations have not yet been proven in court. The decision denying leave to appeal will allow this case to proceed as a class action.
Yegal Rosen, a former Investment Advisor with Nesbitt Burns, has been appointed as the lead representative plaintiff in the action. Mr. Rosen worked as an Investment Advisor for Nesbitt Burns Inc. from 2002-2006. Mr. Rosen alleges that during this period he never received overtime compensation, while working between 60-80 hours per week.
This class action follows several other "off the clock" overtime class actions by employees in the banking sector. This is the first "misclassification" case in this area to be certified as a class action, and with leave to appeal denied, this case will now continue.
SOURCE: Koskie Minsky LLP
For further information:
Koskie Minsky LLP and Mr. Eli Karp at Merchant Law represent the plaintiff in this action. For more information on this class proceeding please contact Jody Brown at Koskie Minsky LLP at 416-595-2709, or Eli Karp at 416 828 7777, or visit www.kmlaw.ca/nesbittclassaction, or E-mail [email protected].