As reported on Law360 (subscription required), Cantor Fitzgerald Securities Inc. is the target of a class action lawsuit by a New York tech support employee claiming that the company tried to compel IT workers to sign away rights to overtime pay. The complaint alleges that the company’s unlawful conduct and failure to fairly compensate its employees in violation of New York labor laws and the federal Fair Labor Standards Act (FLSA).
According to the suit, Cantor Fitzgerald acknowledged in 2014 that it wrongfully classified the plaintiff and other non-management IT workers as exempt from overtime under the FLSA. The company then asked the employees to submit their individual overtime pay records from 2008-2014.
The plaintiff argues that despite submitting records indicating he was owed $100,000 in unpaid overtime, Cantor Fitzgerald only promised to pay him $51,000 on the condition that he sign a document relinquishing his rights to the remainder. The plaintiff further asserts that the company has regularly attempted this wrongful tactic since 2008.
According to the FLSA and applicable state laws, all non-exempt employees are eligible for overtime pay, and are entitled to the full amount of overtime pay they earn. The attorneys in Sommers Schwartz’s Employment Litigation Group have extensive experience representing plaintiffs in wage and overtime lawsuits, and are available to answer your questions regarding your right to compensation – please contact us today.