Judge denies firm's request to force brokers to arbitrate suit

09/13/2013 | InvestmentNews (free registration)

A federal judge has stopped Bank of America and Merrill Lynch's bid to require brokers to arbitrate a lawsuit. The judge ruled that Financial Industry Regulatory Authority's rules "explicitly prohibit the enforcement of arbitration agreements against a member of [a continuing] putative class or collective action." The brokers allege that they are not exempt from labor laws, which would require them to receive overtime pay for employees in non-managerial positions.

View Full Article in:

InvestmentNews (free registration)

Published in Briefs: