In a “Collective Action,” one or more people called “Named Plaintiffs” sue on behalf of people who have similar claims. The other FPs who have similar claims who “opt in” to the lawsuit (by returning a Consent to Join and Release Form) will become “Collective Members.” You may opt into the Collective Action and participate in the settlement of the lawsuit by signing and returning the enclosed Consent to Join and Release Form.

Equitable has agreed to pay up to $6,000,000.00 into a fund to pay Collective Members’ settlement payments, Court-approved attorneys’ fees and costs of $38,079.86, Court-approved General Release Payments totaling $70,000.00 to the Named Plaintiff and eight other FPs who retained Plaintiffs’ Counsel (described in Paragraph 7 below) to pursue these claims on behalf of FPs, in recognition of their service to the Collective and in exchange for their general release of claims, payroll and other applicable taxes (except for the employer’s share of payroll taxes), and the Settlement Administrator’s fees and costs.

After deducting the Court-approved attorneys’ fees and costs, Court-approved General Release Payments, payroll and other applicable taxes (except for the employer’s share of payroll taxes), and the Settlement Administrator’s fees and costs, the remaining amount will be divided among the FPs who are eligible to participate in the settlement, based on the number of weeks they worked as an FP during the Covered Period.

Settlement checks that are not cashed within 120 days of issuance will be null and void.

Based on the formula that has been approved by the Court, in exchange for properly executing and timely returning your Consent to Join and Release Form, you are estimated to receive the amount stated in your individual Notice packet, half of which is subject to deductions for applicable taxes and withholdings like any other paycheck, and for which you will receive a Form W-2; and half of which will be reported on an IRS Form 1099. The final amount to which you may be entitled may be higher or lower than the estimated amount.

The settlement allocation formula takes into account the number of weeks you worked as an FP during the Covered Period according to Equitable’s records. The Settlement Agreement contains the exact allocation formula. You may obtain a copy of the Settlement Agreement by following the instructions in Paragraph 9, below.

To get your payment, you must fully complete the enclosed Consent to Join and Release Form and mail it in the enclosed envelope to the Settlement Administrator postmarked no later than July 27, 2024. You may also email or fax the Consent to Join and Release Form to the Settlement Administrator, or submit it electronically online at www.EquitableAdvisorsSettlement.com, so that it is received no later than July 27, 2024. The Settlement Administrator’s complete contact information is:

You will be sent a check within approximately five months of submitting your properly completed Consent to Join and Release Form. Please be patient.

You will not become a member of the Collective Action and participate in the settlement unless you return a properly completed Consent to Join and Release Form by the deadline. Once you become part of the Collective Action, you cannot sue, continue to sue, or be a party in any other lawsuit against Equitable about any of the claims at issue in this case or any other federal, state, and/or local wage and hour claims. Specifically, you will release Equitable Advisors and Equitable Network and their present, former, and future parent companies, subsidiaries, and related or affiliated business entities, and each such entity’s divisions, branches, units, successors, predecessors, assigns, owners, officials, directors, officers, shareholders, servants, managers, employees, agents, employee benefit plans, administrators, representatives, and partner entities (collectively the “Released Parties”) from: any and all federal and state wage and hour claims that accrued during the Covered Period while employed by Equitable as an FP, relating back to the full extent of the Covered Period and continuing through April 18, 2024, including, without limitations, all state and federal claims for unpaid minimum wage, overtime pay, notice and recordkeeping violations, penalties, interest, liquidated damages, attorneys’ fees, costs, and expenses, including but not limited to all claims under the Fair Labor Standards Act and state wage and hour laws (e.g., the New York Labor Law, the New Jersey Wage and Hour Law, the New Jersey Wage Payment Law, the California Labor Code, the California Business and Professions Code, etc.), as well as statutory, constitutional, contractual, and common law claims for wages and any related damages, costs, penalties, liquidated damages, punitive damages, interest, attorneys’ fees, restitution, or equitable relief to the extent relating to or deriving from a wage-and-hour claim.

It also means that all of the Court’s orders will apply to you and legally bind you.

The Court has decided that the lawyers at the law firm of the Shavitz Law Group, P.A. are qualified to represent you and all Collective Action members. These lawyers are called “Plaintiffs’ Counsel.” You will not be charged for these lawyers. You can find more information about Plaintiffs’ Counsel at: www.shavitzlaw.com.

Otherwise, if you have any questions, you may contact Plaintiffs’ Counsel at:

The Court has approved payment of $2,000,000.00 for attorneys’ fees for Plaintiffs’ Counsel. These fees will compensate Plaintiffs’ Counsel for investigating the facts, litigating the case, and negotiating the settlement. The Court also has approved reimbursement to Plaintiffs’ Counsel of $38,079.86 for their out-of-pocket costs.

This notice summarizes the proposed settlement. More details are in a Settlement Agreement. If there is any discrepancy between this notice and the Settlement Agreement, the terms of the Settlement Agreement will control. You can view a copy of the Settlement Agreement by clicking here, or you can obtain a copy of the Settlement Agreement by sending a request in writing to the Settlement Administrator at the contact information listed in Paragraph 4 above. Alternatively, you can contact your lawyers at Shavitz Law Group, P.A. at the contact information listed in Paragraph 7, above.