Settlement Of Investment Advisor Overtime Class Action

On July 21, 2016, Justice Belobaba approved the settlement of a class action claiming unpaid overtime for Nesbitt investment advisors in Rosen v. BMO Nestbitt Burns Inc. The decision further included an honorarium of $10,000 for the representative plaintiff. The class members were approximately 1800 former investment advisors who claimed to be entitled to overtime payment in accordance with provincial employment standards law. The basis for their claim was that they were misclassified as commission-based employees and therefore not entitled to overtime pay. The action, certified in April 2013, is so far the only misclassification overtime class action in Canada to be certified on a contested basis and upheld on appeal.