The Ontario Divisional Court denied BMO Nesbitt Burns Inc.’s leave to appeal a class action certification on Tuesday.

The class action alleges that Nesbitt Burns broke from its duties to class members by systematically denying them overtime.

Koskie Minsky LLP and Merchant Law Group LLP, the class counsel, believe as many as 1,500 current and former Nesbitt Burns employees could be potential class members, which include investment advisors, associate investment advisors and investment advisor trainees employed by the brokerage since 2002.

(See Investment Executive, Overtime for advisors?, October 2013.)

Yegal Rosen is the lead representative plaintiff for the class action. Rosen, who was an investment advisor with Nesbitt Burns between 2002 and 2006, alleges that he never received overtime compensation while working 60 to 80 hours per week.

The allegations have not yet been proven in court.