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or Name
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Bank of Nova Scotia
Symbol BNS
Shares Issued 1,217,526,201
Close 2014-08-13 C$ 72.35
Market Cap C$ 88,088,020,642
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FP/CP say court okays Scotiabank employee class action

2014-08-14 09:40 ET - In the News

The Financial Post reports in its Thursday edition Scotiabank has agreed to consider overtime claims from thousands of its front-line sales staff for work done as much as 13 years ago under a class action settlement that has now received court approval. A Canadian Press dispatch to the Post says the claim period will depend on the jurisdiction where the work was performed. The deadline for submitting a claim is Oct. 15. Cindy Fulawka filed the lawsuit against the bank in December, 2007, seeking to represent personal or senior bankers, financial advisers, and small business account managers. Scotiabank says the money is not material. Details of the settlement were withheld until it received court approval on Tuesday. "Our estimate, which the bank disputes, is that (the total cost) is going to be about $95-million. Up to that," said lawyer Adam Dewar, adding the bank has also agreed to pay $10.45-million to the law firms acting for the plaintiffs. Current and former employees within the class should make a claim whether or not overtime was approved at the time by a manager. The bank will examine the claim and an arbitrator will be available if class members are not satisfied with the bank's review.

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