A former stockbroker for Citigroup Smith Barney has sued the company for alledgedly violating state and federal wage laws for not paying him overtime. The Boston Globe reports that Joseph Blood of Milton, Mass., in his suit in federal court in Boston, said for years he worked between 70 and 80 hours a week, and as a nonexempt employee, is entitled to overtime pay. Smith Barney says the suit is “without merit,” but, according to Globe, laws governing overtime are complicated and it is not clear whether stockbrokers, regardless of their high salary, are entitled to the extra pay. The vagueness of the law has resulted in numerous suits, most recently involving UBS. In February, the bank paid around $89 million to settle overtime claims from a number of its 7,500 brokers, The Globe reports.
