CIBC facing another $360-million class-action suit

Analyst claims he and others worked 20 to 30 hours of overtime a week without pay

Another class-action overtime lawsuit has been launched against CIBC, this time by the bank's white collar workers, including stock analysts, investment bankers and financial advisors.

The $360-million suit against CIBC comes less than 18 months after a teller spearheaded a $600-million overtime class-class action suit against the bank.

The Financial Post reported Michael Brown, a former senior analyst who provided administrative support for syndicated loans, is the proposed lead plaintiff in the new suit.

He said his employment contract with CIBC World Markets required him to work 40 to 45 hours per week. However, he claims he had to work 60 to 70 hours to do all the work required of him by management and was never paid overtime.

Other employees, including analysts, investment bankers, investment advisors and support staff all had to work overtime to get their work done yet they were never paid for that time, said Brown.

The bank intends to defend the action vigorously, according to a CIBC spokesperson.

"Our overtime policy is clearly defined, exceeds legislative requirements in Canada and is easily accessible. It contains a clear process to resolve any questions or concerns an employee may have about overtime. Under our policy, where overtime is requested or required by CIBC, overtime is paid. We believe that this action is unnecessary given our clear policy and process to resolve employee issues internally."

Scotiabank and CN Rail are also facing overtime lawsuits and KPMG recently settled a $20-million overtime suit launched against the firm last September.

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