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Superior Court of
California County of
Orange

Your Legal Rights Are Affected Even if You Do Not Respond.

NOTICE OF CLASS ACTION CERTIFICATION 

You may be involved in a class action lawsuit against your current or former employer, Wedbush Securities, Inc.

If you were employed by Wedbush Securities Inc. and were paid on a commission basis, a class action lawsuit may affect your rights.

A court authorized this notice. This is not a solicitation from a lawyer.

YOU ARE NOT BEING SUED.

Please read this notice carefully.

A former employee sued Wedbush Securities Inc. alleging that its commissioned employees should have been paid overtime and should have been given meal and rest periods among other claims. The case is titled JOSEPH SEMPRINI v. WEDBUSH SECURITIES INC., Case No. 30-2015-00776114-CU-OE-CXC.

The Court has allowed the lawsuit to be a class action on behalf of all current and former employees of Wedbush Securities Inc. in California who, beginning from March 5, 2011, were paid one time per month on a commission basis.

Wedbush Securities Inc. (“Wedbush”) denies the allegations and denies any wrongdoing, and has asserted numerous defenses as to procedure, liability, and damages.

The Court has not decided whether Wedbush did anything wrong. There is no money available now and no guarantee there will be. However, your legal rights are affected, and you have a choice to make now. Wedbush’s records indicate you are a class member.

Read This Notice Carefully.

SUMMARY OF YOUR OPTIONS

Your Legal Rights and Options in this Lawsuit
 

 

Do Nothing – Remain in the Class

You may choose to remain in the lawsuit. You will be represented by the plaintiff and his attorneys, your rights will be determined in their case, and you will be bound by the decisions in the case.

 

By doing nothing, you keep the possibility of getting money that may come from a trial or settlement. But, you give up any rights to sue Wedbush separately about the same legal claims in this lawsuit.

Exclude Yourself  

If you do not want to be part of the lawsuit and bound by the decisions, you may ask to be excluded from the lawsuit.

 

If you ask to be excluded and money or benefits are later awarded, you won’t share in those. But, you keep any rights to sue Wedbush separately about the same legal claims in this lawsuit.

 

If you are considering excluding yourself from the class, please note that there may be a risk that any new claims asserted against Wedbush may no longer be timely and may be time barred.

 

 

BASIC INFORMATION

Why did I get this notice?

Records show that you worked for Wedbush at some point since March 5, 2011. This notice explains that the Court has allowed, or “certified,” a class action lawsuit that may affect you. You have legal rights and options that you may exercise before the Court holds a trial. The trial is to decide whether the claims being made against Wedbush, on your behalf, are correct. Judge Randall J. Sherman of the Superior Court of California, County of Orange, is overseeing this class action. The lawsuit is known as JOSEPH SEMPRINI v. WEDBUSH SECURITIES INC., Case No. 30-2015-00776114-CU-OE-CXC.

 

What is the lawsuit about?

The lawsuit is about whether Wedbush should have paid overtime wages, minimum wages, and payment for missed meal and rest breaks to commission-based employees.

 

What is a class action and who is involved?

In a class action lawsuit, one or more people called “Class Representatives” (in this case, Joseph Semprini was appointed as Class Representative, and later Bradley Swain was added as an additional Class Representative) sue on behalf of other people who have similar claims. The people together are a “Class” or “Class Members.” The person who sued—and all the Class Members—are called the Plaintiffs. The company they sued (in this case Wedbush, Securities Inc.) is called the Defendant. One court resolves the issues for everyone in the Class— except for those people who choose to exclude themselves from the Class.

 

Why is this lawsuit a class action? 

The Court decided that this lawsuit can be a class action and move towards a trial because it meets the requirements of California Code of Civil Procedure section 382, which governs class actions in California state courts. Specifically, the Court found that:

  • There are more than 100 people who are or were employed by Wedbush as commissioned employees who were only paid one time per month in the relevant period;
  • There are legal questions and facts that are common to each of them;
  • Bradley Swain and Joseph Semprini’s claims are typical of the claims of the rest of the Class;
  • Bradley Swain, Joseph Semprini and the lawyers representing the Class will fairly and adequately represent the Class’ interests;
  • The common legal questions and facts are more important than questions that affect only individuals; and
  • This class action will be more efficient than having many individual

More information about why the Court is allowing this lawsuit to be a class action is in the Court’s Order

Certifying the Class, which is available at www.ilymgroup.com/Wedbush.

 

THE CLAIMS IN THE LAWSUIT

What is the lawsuit about?

In this lawsuit, the Plaintiff says that Wedbush misclassified a group of commissioned employees as exempt from overtime, minimum wage, and meal and rest breaks. Plaintiff claims that these commissioned employees should have been paid for any overtime they worked, at least the minimum wage for all hours they worked, and should have been provided with meal and rest breaks and paid for missing them. You can read the Plaintiff’s Class Action Complaint at  www.ilymgroup.com/Wedbush.

 

How does Wedbush answer?

Wedbush denies it did anything wrong and says that its commissioned employees were properly classified as exempt. Wedbush’s Second Amended Answer to the complaint is available at  www.ilymgroup.com/Wedbush.

 

Has the Court decided who is right?

The Court has not decided whether Wedbush or the Plaintiff is correct. By certifying the case as a class action, the Court is not suggesting that Plaintiffs will win or lose.

 

What is the Plaintiff asking for?

The plaintiff is asking for payment for all overtime hours worked, for payment for all meal and rest breaks that were not provided, to make sure that all Class members were paid at least minimum wage for all hours they worked each week, and for penalties. More information about what Plaintiff is seeking is available in the Complaint, which you can read at www.ilymgroup.com/Wedbush.

 

Is there money available now?

No money or benefits are available now because the Court has not yet decided whether Wedbush did anything wrong, and the two sides have not settled the case. There is no guarantee that money or benefits ever will be obtained. If they are, you will be notified about how to receive a share.

 

WHO IS IN THE CLASS?

Am I Part of the Class?

The judge decided that all current and former employees of Wedbush Securities Inc. in California who, beginning from March 5, 2011, were paid one time per month on a commission basis are part of the class. Wedbush’s records indicate you meet this definition.

 

I am not sure if I am included.

If you are not sure if you are included, you can get free help by contacting the lawsuits representing the Plaintiffs in this case at the email or phone number listed below.

 

Who is the Class Representative?

Plaintiffs Joseph Semprini and Bradley Swain will represent the Class. Joseph Semprini is a former employee of Wedbush Securities and Bradley Swain is a current employee of Wedbush in California who were both paid one time per month on a commission basis.

 

THE LAWYERS REPRESENTING YOU

Do I have a lawyer in this case?

The judge decided that Robert Thompson and Charles Russell of the law firm of Callahan, Thompson, Sherman and Caudill, LLP, of Irvine California are qualified to represent all Class members. The lawyers are called “Class Counsel.” They are experienced in handling similar cases. Their contact information is:

Robert Thompson, Charles Russell
CALLAHAN THOMPSON SHERMAN & CAUDILL, LLP
2601 Main Street,
Suite 800
Irvine, CA 92614
(949)261-2872
www.ctsclaw.com

If you remain in the Class, Class Counsel will represent you. Additional biographical information about the attorneys can be found at the website listed above.

 

Should I get my own lawyer?

You do not need to hire your own lawyer because Class Counsel is working on your behalf. But, if you want your own lawyer, you can get one and you will have to pay that lawyer yourself.

 

How will Class Counsel be paid?

Class Counsel have entered into contingent fee agreements with the Plaintiff. This means Class Counsel are advancing all costs and fees in the case and will be paid only if there is a recovery. If there is no recovery, Class Counsel will not be paid. If Class Counsel gets money or benefits for the Class, they may ask the Court for fee and expenses. If the Court grants Class Counsel’s request, the fees and expenses would either be paid separately by Wedbush, or would be deducted from money obtained for the Class as a whole.

If you hire your own attorney, you do so at your own expense.

 

YOUR RIGHTS AND OPTIONS

Do I need to do anything now?

(a)                       No, to remain in the Class

To remain in the Class, you do not need to do anything. You will become a Class Member automatically.

(b)                      Yes, to exclude yourself from the Class

To exclude yourself from the Class and any recovery, judgment, or settlement that might be reached, send the enclosed request to be excluded to the Class Counsel. The request must be postmarked or received no later than October 3, 2022. Class Counsel will then file your request to be excluded with the Court.

If your request is not postmarked by the due date, it will not be valid and you will remain in the Class.

If you are considering excluding yourself from the class, please note that there may be a risk that any new claims asserted against Respondent may no longer be timely and may be time barred.

 

What are the risks if I remain in the Class?

If you stay in the Class you will be bound by the decisions of the of the Court. This means you will not be able to pursue any claim against Wedbush on your own for the claims at issue in this case. If the Plaintiffs lose, you will not get any recovery and will not be able to bring a later claim.

 

What are the benefits if I remain in the Class?

If you stay in the Class, you do not have to sue Wedbush on your own for any claim you may have against Wedbush related to the things the Plaintiffs have sued about. If there is a recovery, either by trial or by settlement, you may be entitled to a share of any recovery.

 

Do I have to come to the trial?

No. You do not have to come to trial. Class Counsel and the Plaintiff will represent you. You are welcome to come at your own expense.

 

Has a trial date been set?

Yes, trial is set for February 14, 2023.

 

Has the case settled?

No. The parties have not settled the case and no money is available at this time.

 

Will I get money after trial or settlement?

If the Plaintiff obtains money or benefits as a result or trial or settlement, you will be notified about how to participate. We do not know how long this will take.

 

GETTTING MORE INFORMATION

You can visit the website www.ilymgroup.com/Wedbush where you can find a copy of this Notice, the Complaint, the Answer to the Complaint, the Order certifying the class, and the Exclusion Form. If you have further questions you may contact Class Counsel, as shown in question 13. Please do not contact the Judge or the Court directly.

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