LAWSUITS NEWS & LEGAL INFORMATION
Merrill Lynch Agrees $12M Settlement in Unpaid Overtime Class Action Lawsuit
This is a settlement for the Employment lawsuit.
New York, NY: A $12 million settlement has been agreed by Merrill Lynch ending an unpaid overtime class action brought by employees who provided support services to brokers. The settlement still requires court approval.
The lawsuit, filed in June 2011, alleges Merrill Lynch client associates were paid overtime based on an incorrect and low regular rate of pay and that Merrill failed to properly record and account for all overtime hours they worked. Client associates typically handle paperwork for brokers, and some can assist with order entries.
The $12 million fund will provide financial recovery for client associates who worked for Merrill Lynch between 2010 and 2012. The time period is longer for client associates who were employed in California, New York, Maryland and Washington.
Published on Feb-20-13
The lawsuit, filed in June 2011, alleges Merrill Lynch client associates were paid overtime based on an incorrect and low regular rate of pay and that Merrill failed to properly record and account for all overtime hours they worked. Client associates typically handle paperwork for brokers, and some can assist with order entries.
The $12 million fund will provide financial recovery for client associates who worked for Merrill Lynch between 2010 and 2012. The time period is longer for client associates who were employed in California, New York, Maryland and Washington.
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