Interactive Brokers Reaches $1.8 Million Settlement in Wage Case

​Interactive Brokers LLC has agreed to pay $1.825 million to resolve a wage and hour lawsuit brought by its customer support employees. The proposed settlement was filed with the U.S. District Court for the Northern District of Illinois on September 16, 2025.

The case was led by plaintiffs Tyree Thomas, Jake Cirame, and Mark Alberts, who alleged that Interactive Brokers misclassified them and other workers as exempt employees under the Fair Labor Standards Act (FLSA). The classification meant they were not paid overtime despite regularly working more than 40 hours a week.

According to the complaint, Thomas worked at the company from 2017 to 2022 and averaged about 50 hours a week. Cirame, employed between 2021 and 2022, averaged around 43 hours, while Alberts, who was with Interactive Brokers for more than a decade, often logged 48 hours weekly. The plaintiffs said they often ate meals at their desks and did not receive breaks.

They alleged that the firm failed to pay overtime at one-and-a-half times their hourly rate, as required under U.S. law, and did not maintain proper time records.

If approved, the settlement will provide $10,000 payments to each of the named plaintiffs, along with attorneys' fees and payments to other eligible workers. The agreement covers roughly 298 potential members of the collective class. The court filing described the deal as "fair, adequate, and reasonable."