EDJ Overtime Settlement

130 replies [Last post]
Spaceman Spiff's picture
Offline
Joined: 2006-08-08

footsoldier wrote:
Oh yeah, I meant for you to stay in HI so the market will continue to go up.  I'm not worrried at all about a guy from some no name, one man shop stealing my clients.  How can you as the only guy in the office compete with me and the backing of the entire Green Machine? 
 
The old me would have tried to take you on. The new regenerated me says its just not worth the effort to compete at your level.
 
Yeah, that's a smart move.  Most people have found out that they can't compete at my level. 
 
Don't you have better things to do than to spend time while in Hawaii in a Starbucks posting on RR?  I know they do a lot of surfing out there, but I figured they use a board, not a laptop.  Go have some fun.  We can verbally joust when you return.

footsoldier's picture
Offline
Joined: 2006-04-30

Spiff-
Thanks for the warning. And yeah I had alot better things to do most of the time, but once in a while I would sneak out for that little moment of peace I call nirvana, which is my business and I kept in touch . I did check the rr forums only once at the end of trip, but I did work throughout the week.
 
And now that I am home I can tell you what a wonderful feeling of accomplishment knowning that I can plan, and fulfill a families dreams with an 8 day excursion worthy of any EDJ trip I ever went on. I can't deny that I was a little concerned that I couldn't compete with the Jones trips and my families expectations. I was wrong. We could pull off a first class trip and did. We many have paid a little more, but my kids saw first hand what the meaning of hard work and enjoying success appropriately is all about.
 
Oh and Spiff, I have now imposed a minimum household of $500,000. I would not ever dream of taking any of your clients...
 

Spaceman Spiff's picture
Offline
Joined: 2006-08-08

Touche. 
 
Welcome back.

footsoldier's picture
Offline
Joined: 2006-04-30

BTW-
 
This is the overtime thread so here goes the latest info...According to the  settlement administrator Rust Consuling, the checks should be issued 60 days from the final hearing date which was June 27. I was suprised somewhat to find out the checks are being sent regular mail.
 
Labor day seems like the date we ought to be celebrating!
 

ddwatkins's picture
Offline
Joined: 2008-08-14

I received this paper work and planned to fill it out, but some how it got misplaced.  I do remember seeing a website address in the materials.  Can anyone look at theirs and tell me where i can find the form i need to fill out to join the suit.  I want every free dollar i can have.

DB Cooper's picture
Offline
Joined: 2008-05-24

Checks have arrived today!!!  Ahh the sweet sweet smell of money.  Now, where did I leave that credit card bill?

unsure_at_HRBFA's picture
Offline
Joined: 2008-08-13

DB - what did you get paid, and how many months working @ EDJ did you have on the form?

footsoldier's picture
Offline
Joined: 2006-04-30

I received 20% percent more than they originally estimated. A year of college is now covered for the little one....
I consider this payback for all the friggin mentoring, training, handholding I did to make the RL look good at my expense. Karma.
 
 

GoldCaddy's picture
Offline
Joined: 2007-02-16

I just received the settlement check from the California EJ overtime settlement.  Total received was $15k and change.  Half was treated as damages for which I received a 1099.  The other half was treated as wages fro which taxes were withheld and a W-2 was issued.  Net received = $12k.
 
I don't have a complaint with EJ.  They hired me, trained me, and fulfilled their contractual obligations.  When I left early they sued me, we settled, life goes on. 
 
In my EJ region the GP and his "Management Team" were jerks.  Region meetings were filled with frat house skits and constant propagandizing about our virtues. 
 
I left EJ because I was weary of apologizing to my wife for my meager paycheck.  As an independent I made, in my first year, five times my best year at Jones.  I feel blessed to be in this industry. 

fmrjones04's picture
Offline
Joined: 2006-07-22

GoldCaddy,
What was the monthly settlement figure they used to calculate your final tally? I've seen the range in the examples from Rust in the $400 per eligible month range. Just curious as to what I may be getting in the mail.

GoldCaddy's picture
Offline
Joined: 2007-02-16

There was no explanation regarding the method of calculation.  The previous letter said I would receive about $13,750.  Since my payment was much more either they sandbagged the estimate or fewer people participated.
 

babbling looney's picture
Offline
Joined: 2004-12-02

I sent in my claim on 3-20-08 and haven't seen a check yet    I sure hope it comes soon.  They said my award was about 14,000.

footsoldier's picture
Offline
Joined: 2006-04-30

Babs-
They said 21.7 and I got 20% more....
 
The firm got spanked for a ridiculous law. They deserved it for other crap they pulled. Remember like all good companies they pay and admit no wrongdoing.
 
 

entourage's picture
Offline
Joined: 2006-12-15

are all of you california reps?  i got a letter to return, but nowhere on it did it give me an estimate of my payment.

Borker Boy's picture
Offline
Joined: 2006-12-09

entourage wrote:are all of you california reps?  i got a letter to return, but nowhere on it did it give me an estimate of my payment.
 
Me neither...

now_indy's picture
Offline
Joined: 2006-07-28

My letter (I am not California) mentioned something like $39/month as as estimate. So, I'm expecting less than $2,000.

babbling looney's picture
Offline
Joined: 2004-12-02

Woo hoo!!!   Net after taxes approx  $15,800       Plus my commissions hit my account tomorrow, about 8K  for the last week.
 
My husband really loves me !!!  But what am I gonna do for him next week he says. 

Borker Boy's picture
Offline
Joined: 2006-12-09

According to now_indy's information, and assuming 25% goes to taxes, you'd have to work for Jones for 45 years to net $15,800.
 
Just how old are you?

Morphius's picture
Offline
Joined: 2007-07-21

Who cares how old she is?What I want to know is exactly what you're going to do for your husband next week?  You've raised the bar pretty high this week!  I hope you can deliver the goods, babs! 

Johnny Roast Beef's picture
Joined: 2008-02-12

Borker,
 
Re: Babs settlement amount, you're confusing California with the other actions.  Although the paperwork initially indicated $38.00 per month for those of us outside of CA etc. I would suspect it would be more than that.  The reps in CA are going to receive considerably more per rep than those of us in say, MO.

babbling looney's picture
Offline
Joined: 2004-12-02

Morphius wrote:Who cares how old she is?What I want to know is exactly what you're going to do for your husband next week?  You've raised the bar pretty high this week!  I hope you can deliver the goods, babs! 
 
I've never had any complaining before....don't you worry about it.   
 
In Calif I guess we got a much higher payout per month than other States.  One of the few times I'm actually glad to be under California laws.  Worked out to something like $440 for each month worked. 

guest9000's picture
Offline
Joined: 2008-08-19

anyone outside of CA get their checks yet?

SayNo2KoolAid's picture
Offline
Joined: 2008-08-24

I don't think anyone outside CA is going to get the checks  until early next year.

Johnny Roast Beef's picture
Joined: 2008-02-12

SayNo...What makes you say that?  I understand that checks ought to be cut fairly soon.  BTW, I am totally against frivolous lawsuits such as this.  Unless of course I'm going to benefit financially then I'm all for it.  Truthfully this is silly but, I did send in the paperwork...What're you gonna do?

guest9000's picture
Offline
Joined: 2008-08-19

yeah sayno, where the heck you hear dat?

2legit2quit's picture
Offline
Joined: 2008-06-22

I called the Department that handles it, not at EDJ.  The number was on the green form.  They said that EDJ has already settled, they need to do one more final hearing.  Then payments will be mailed 60-90 days after that unless their is any appeals which is unlikely.  EDJ has already set aside 19 Million for it.  Im not sure what the equals per broker who signed up minus attorney fees.  Bottom line, don't even look for it till spring time next year.

SayNo2KoolAid's picture
Offline
Joined: 2008-08-24

You bet I sent in the claim form. 

I look forward to participating in future discussions on EJ.  I've been reading them for years, but never bothered to join in.  I will not be posting throughout the day, however.  I'm not sure I feel safe posting them from the office.

Squash's picture
Offline
Joined: 2008-08-08

Regarding the company that is overseeing the NON-CALIFORNIA checks, they said March or April of 2009. If you call jones home office, class action settlements department, they will give you a number to call, and those people will verify they have gotten your submission and approx date they will send checks is March/April 2009

amanthapeterson's picture
Offline
Joined: 2013-11-09

I think Overtime Settlement for most employees, is all the hours a person works over 40 in one work week. Overtime is supposed to be paid at time-and-a-half of an employee's regular rate of pay. For example if you make an amount of money per hour, then he should be paid a little more per hour for all hours he works over 40 in a work week. That's the simple and accurate way to understand the same.

Paranoid Android's picture
Joined: 2013-09-26

Weird thing to respond to 5 years later...but yeah, I don't know how it was set up before this lawsuit, if it truly was a minimum wage/overtime lawsuit, things haven't changed at all. I know a guy there who figures it out right now to be at about 5 bucks an hour he's putting in...

Please or Register to post comments.

Industry Newsletters
Investment Category Sponsor Links

 

Sponsored Introduction Continue on to (or wait seconds) ×