Law360, Los Angeles (June 30, 2016, 9:29 PM EDT) -- Morgan Stanley said it will pay $6 million to resolve four collective actions accusing the financial services company of stiffing financial adviser trainees on overtime pay, according to documents filed Wednesday in Florida federal court.The parties asked U.S. District Judge Kenneth A. Marra to grant preliminary approval of the settlement, as well as attorneys’ fees of about $3.7 million and costs of about $460,000, saying the terms of the deal were fair and reasonable.“The proposed settlement satisfies the criteria for approval of a Fair Labor Standards Act collective action settlement because it was reached after significant information exchange and... In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition. TRY LAW360 FREE FOR SEVEN DAYS
Morgan Stanley is set to pay $6m to resolve four collective action claims. Photograph: