The Ontario Superior Court of Justice has certified a class action against BMO Nesbitt Burns for unpaid overtime owed to investment advisors and associate investment advisors.

The class action covers more than 1,500 current and former investment advisors, associate investment advisors and investment advisor trainees, employed by the firm since 2002, who may potentially be class members.

Justice Edward Belobaba found that all three of the employee groups were “…excluded from overtime under the Nesbitt overtime policy because they are paid in whole or in part on commission.”

The plaintiff alleges that Nesbitt Burns breached its duties to the class members by systematically and improperly denying overtime. The allegations have not yet been proven. The certification decision will allow this case to proceed as a class action.

Yegal Rosen, a former investment advisor with Nesbitt Burns from 2002 to 2006, has been appointed as the lead representative plaintiff in the action. Rosen claims he never received overtime compensation while working between 60 and 80 hours per week.

Koskie Minsky LLP and Eli Karp at Merchant Law represent the plaintiff in this action.

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