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More banathon? Professionals asking for OT pay?
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| Skipper |
Now...does this count as too much regulation?
Are professionals entitled to OT when previously they had been just slaving away for 80 hrs/week and hoping for a reward once a quarter?
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CIBC gets cuffed with second overtime lawsuit
TAVIA GRANT
October 30, 2008
Canadian Imperial Bank of Commerce has been hit with a second class-action lawsuit that claims employees worked overtime without pay, and lawyers warn more such suits against employers will follow.
The $360-million suit was filed on behalf of investment bankers, analysts and investment advisers, alleging CIBC World Markets Inc. regularly requires them to work "excessive" hours without extra pay.
"We're talking about professionals who go into the work week knowing they're going to have to stay until the stars come out," said Henry Juroviesky, lawyer and managing partner at Juroviesky & Ricci LLP, which filed the claim.
He contends the practice is widespread, and predicted more suits against financial services companies. "Other peer companies can expect we will be initiating actions against them," he said. "They will be hearing from us."
Print Edition - Section Front
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This week's filing alleges the investment banking unit cultivated an environment where employees are expected to work up to 80 hours a week, contrary to provincial rules.
Staff often have an implicit understanding with their bosses that they'll put in longer hours in return for higher pay or promotions. But "the law gives you overtime," said Mr. Juroviesky, who launched a similar class action against accounting firm KPMG last year. "A silent understanding does nothing under the law."
This week's suit, which CIBC called "unnecessary," comes almost 18 months after a bank teller filed a class action that also claimed the bank failed to pay overtime.
The lead plaintiff in this week's claim is Toronto resident Michael Brown, who worked at CIBC World Markets as a senior analyst from April, 2003, to January, 2004, and says he was required to work about 80 hours of unpaid overtime a month. The filing alleges the pressure to work overtime at the bank's branches was "pervasive" and that employees who didn't work overtime "were pushed out" or disciplined.
None of the allegations have been proven in court and the case will first need to be certified as a class action before proceeding.
CIBC said it plans to "vigorously" defend this action. "Our overtime policy is clearly defined, exceeds legislative requirements in Canada and is easily accessible," spokesman Rob McLeod said.
The bank pays overtime whenever it is required or requested, he said. "We believe that this action is unnecessary given our clear policy and process to resolve employee issues internally."
Unpaid overtime has become more prevalent in Canada as employees strive to meet sales or growth targets, said Douglas Elliott, Toronto-based partner at Roy Elliott O'Connor, who co-filed the first suit against the bank. Now "there will be other actions against other employers" as awareness about overtime rules grows, he said.
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http://www.theglobeandmail.com/serv...ory/?query=cibc |
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| Abercrombie |
| If you start one on HP, I'll joint your suit. |
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| activate |
the bank i work for pays for over time when they ask us to work it.
other then that, we're told not to work more then our required day... and if we want to work longer it's on our time. |
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| Yohan |
I almost thought this suit was something out of Japan :p
freaking workaholics
so, if the bank loses this suit, does this mean the bank charges will go up again? lol (i'm totally for the plaintiff on this one. you work, you deserve to get compensated for that time) |
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| malek |
Good thing, if your company is asking you to work overtime without any expected bonus down the line or worse without overtime pay, then you shouldn't be working there in the first place.
I friggin hate these places and avoid them like the plague.
Working for glory? no thanks.
Another idiocy in the workplace that needs to be adressed, some companies close during the holidays for two weeks and don't give their workers any pay. If that company decides to close, it's their problem, why does an employee need to be punished for that? |
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| electro88 |
| the bank i work for doesnt pay me OT, because were on salary :nervous: |
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| Shaya007 |
| quote: | Originally posted by malek
Good thing, if your company is asking you to work overtime without any expected bonus down the line or worse without overtime pay, then you shouldn't be working there in the first place.
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Will I get sued if I name some companies here?
lol! |
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| malek |
| quote: | Originally posted by Shaya007
Will I get sued if I name some companies here?
lol! |
go ahead :)
my company pays overtime (CGI) |
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| Shaya007 |
redbull distribution
slavery
don't ever apply for a job there..
EVER! |
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| Skipper |
| quote: | Originally posted by malek
Good thing, if your company is asking you to work overtime without any expected bonus down the line or worse without overtime pay, then you shouldn't be working there in the first place.
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Well if you want to work in financial services, there's no way around it. (I mean in terms of institutional equity sales/trading/research/banking, which is where the plaintiffs worked)
I-bankers generally get fairly lucrative bonuses every quarter, but when times are tough (as they are now), they're working those hours on a fairly modest salary and the expectation is that they will be lucky to get anything beyond that. So this is where it gets tricky - should they be paid for those hours regardless of how the business does? because the plaintiff is correct in saying that if you refuse to do the time, you're eventually weeded out. It's ruthless. |
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| FunkyCrew |
my company doesn't pay overtime, cos we're all on salary
however if I work 2 hours overtime today, I get to leave 2 hours earlier tomorrow without any notice really |
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| Skipper |
| quote: | Originally posted by electro88
the bank i work for doesnt pay me OT, because were on salary :nervous: |
Most places don't - that's the point of this regulation.
Employers abuse the fact that wages are a fixed rate. |
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