Bank of America, the second largest national bank, has settled a class action overtime lawsuit for $14,000,000. The lawsuit alleged the bank failed to pay its Financial Advisor Trainees in the Merrill Lynch unit their overtime pay. The trainees claim they were working 60 hours or more per week and were not compensated at time and a half what their hourly rate would be for overtime.
Approximately 9,500 trainees nationwide will be benefiting from this settlement if approved by the court. ...Continue Reading →