An Ontario judge has certified a class action against Toronto-based BMO Nesbitt Burns Inc. for unpaid overtime owed to investment advisors and their associates.

According to the Toronto law firm Koskie Minsky LLP, which filed the class action lawsuit, over 1,500 current and former investment advisors, associate investment advisors and investment advisor trainees are included in the action.

The plaintiffs allege that Nesbitt Burns “misclassifies” its employees thereby disqualifying them from any type of overtime compensation. The lead representative plaintiff, Yegal Rosen, worked as an investment advisor for Nesbitt Burns between 2002 and 2006.

In April, another judge refused to certify a similar class action against Toronto-based CIBC World Markets Inc. (See Investment Executive, Advisor overtime class action hits roadblock, April 25, 2013.)