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. Trainees claimed that Bank of America forced them to work long hours in order to meet the company’s demands of generating client leads. For example, they had to attend client functions and work weekends without compensation for overtime hours that they claim is in direct violation of the Fair Labor Standards Act. These affected employees worked as trainees for weeks or several months while participating in the companies Practice Management Development Program.
It is not always clear if a certain position is exempt from or entitled to receive overtime pay so it may be in your best interest to call an employment lawyer even if you are paid a set salary. If you or anyone you know works in finance and works long hours without overtime pay have them contact the employment lawyers at Fitapelli & Schaffer at 212-300-0375 for a free phone consultation or visit our website www.fslawfirm.com for more information. Speak one-on-one with one of our experienced attorneys and have them address your questions and concerns. At F&S we are committed to fighting for the rights of hard working employees.