Facts

On Oct. 20, 2005, plaintiff Randall Thill filed a class action lawsuit against defendant Edward D. Jones & Co. LP, seeking to recover unpaid wages and overtime. The defendant removed the case to district court on Nov. 29, 2005.

PLAINTIFFS' CONTENTIONS:
The plaintiffs contended defendant should have paid certain employees overtime because they did not qualify as exempt under California Law. Defendant allegedly deducted wages for certain business-related expenses such as staff support and denied its employees meal and rest breaks.

DEFENDANT'S CONTENTIONS:
The defendant denied the allegations and contended the employees in question were not entitled to overtime pay.

Result

The parties settled for $21 million.

Other Information

On Feb. 1, 2008, Judge Joseph Spero granted preliminary approval to the settlement and defined the class as "all individuals who are or were employed by Edward D. Jones & Co. LP in one of the following covered positions: Investments Representative, Financial Advisor, and/or salaried or commissioned Financial Advisor Trainee in the state of California between Oct. 20, 2001 and the date of the entry of the preliminary approval order." The court approved the final settlement on June 27, 2008.