Financial Institutions and Markets

BY: DAVID C. BURTON & IGOR M. BABICHENKO; Williams Mullen (North Carolina and Virigina, USA)

The number of Fair Labor Standards Act (“FLSA”) lawsuits continues to increase with no signs of slowing down. In the annual reporting period ending March 31, 2012, a record-high 7,064 FLSA lawsuits were filed in federal court. Although these FLSA lawsuits cut across a whole spectrum of industries, traditionally white-collar industries, such as the financial services industry, have experienced a dramatic increase in wage and hour compensation cases. This dramatic increase in FLSA lawsuits should raise a warning flag for financial services employers.

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