BofA Settles Pay Stub Class Action For $4.7M

By Samuel Howard

Law360, New York (July 29, 2010, 5:42 PM ET) -- Bank of America NA has agreed to shell out $4.7 million dollars to a class of employees in California to settle claims the bank failed to issue accurate pay stubs.

On Wednesday, Judge James Larson of the U.S. District Court for the Northern District of California preliminarily approved the settlement and established a class of Bank of America employees, excluding certain nonmortgage loan officers, who were employed in California and received a wage statement between Dec. 21, 2006, and Wednesday.

After extensive discovery and three rounds...
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