Business news briefs for February 18, 2004

Wednesday, Feb. 18, 2004 | 11:21 a.m.

Overtime probe settled

People's Choice Inc., a Las Vegas landscaping company, has agreed to pay 27 employees $74,000 in unpaid overtime and to revise its record-keeping procedures following an investigation by the U.S. Department of Labor.

The investigation, performed by the labor department's Wage and Hour Division, found that the company allegedly broke federal labor laws by only paying workers a fixed hourly rate although they typically worked a 60-hour work week. The $74,000 is compensation for work the employees did over a two-year period ending in October.

The affected workers are recent immigrants who do yard maintenance work, the Labor Department said.

The company's alleged actions violate the Fair Labor Standards Act, which requires companies to pay employees 1.5 times their regular rate of pay when they work more than 40 hours a week. The company has agreed to comply with federal wage laws in the future.

Moises Garcia Jr., owner of the company declined to comment on the settlement.

Specialists agree to $240 million in fines

NEW YORK -- Five New York Stock Exchange specialist firms tentatively agreed to pay $240 million in settlements with the Securities and Exchange Commission for allegedly mishandling trades and skimming profits on the floor of the Big Board, people close to the talks said today.

The five firms have agreed to pay $155 million to disgorge their allegedly illegal profits, and another $85 million in fines, though the final figures are still being ironed out, sources told The Associated Press on condition of anonymity.