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NEW YORK (AP) - Swiss financial services giant UBS AG has reached an agreement to settle class-action suits brought in several federal courts by current and former employees who charged that the bank underpaid them for overtime work, the company said in a statement.
The company said it will pay as much as $89 million to resolve the suits at the federal and state level.
The suits claimed UBS shortchanged some employees by improperly classifying financial advisers and trainees for that position as exempt under federal law from overtime compensation.
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