Judge approves Bank of America and Merrill Lynch $14m deal in overtime pay suits

US District Judge George B Daniels has approved a deal in which Bank of America and its subsidiary Merrill Lynch will pay $14m to settle two wage and hour collective actions by salaried Merrill Lynch employees who where denied overtime pay during training to become financial advisers.

By Kurt Orzeck (May 6, 2016, 8:09 PM EDT) -- A New York federal judge on Friday approved a deal in which Bank of America Corp. and subsidiary Merrill Lynch will pay $14 million to settle two wage-and-hour collective actions accusing them of stiffing financial adviser trainees on overtime pay....

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

Access to case data within articles (numbers, filings, courts, nature of suit, and more.)

Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.

Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS