The statute of limitation for an overtime claim is two or three years under the FLSA. Florida does not have not overtime statute, it has a regular wage amendment. There are two ways to attempt to recover (other than mentioned above). First, fraud. Did the employer tell your friend he was exempt from overtime? If so, and your friend relied upon that information to his detriment, there might be a claim for fraud. Second, if you friend was not paid for all of the hours he worked, then the Florida amendment goes back 4 or 5 years. He might not be able to collect at an overtime rate, but he can collect at a regular time rate.
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You could look into a claim under your state's labor laws, which may have a longer statute of limitations than the FLSA.
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Unless there is an ongoing case against his former employer which has a tolling agreement in place to freeze the statute of limitations (this would be very rare) then I would generally say no your friend's claim is barred by the Statute of Limitations.