In the US, the wealth management division of UBS allegedly failed to pay overtime to its employees in California due to a «systemic» problem.
Some UBS employees were misclassified as exempt from hourly wage laws, with the bank allegedly in violation of other state labor laws, a lawsuit filed by a former employee on July 17, as reported by the online portal «Advisor Hub.»
Compensation Denied
The plaintiff, who left UBS in December 2022, seeks back pay and other compensation on her behalf and about 1,000 other «aggrieved employees,» all of whom work or have worked for the major Swiss bank in California. The lawsuit filed in a California federal court doesn't give the job titles or functions of the employees, simply describing them as «aggrieved.»
UBS refused to pay the plaintiff and other employees the compensation they were entitled to for hours worked, payment for mandatory meals and breaks, reimbursement of expenses, amounts due them upon termination of employment, and accurate pay stubs, the suit alleges.
Misclassified
The bank is said to have misclassified some of the aggrieved employees as exempt from hourly wage and hour laws and failed to correctly pay and document compensation to all former and current employees, regardless of their exempt status, the lawsuit says.
