Merrill Lynch Subprime Unit Hit With FLSA Suit

Law360, New York (June 6, 2008, 12:00 AM EDT) -- A loan officer at a Merrill Lynch & Co. Inc. subsidiary has launched a wage-and-hour action alleging he and his colleagues were “victimized” by the firm's unlawful compensation practices.

The complaint, filed by lawyers for named plaintiff Chuck MacConnach, accuses Merrill's First Franklin Financial Corp. — a major subprime mortgage lender — of violating the Fair Labor Standards Act.

First Franklin, a former subsidiary of National City Corp., was sold to co-defendant Merrill Lynch & Co. Inc.'s Global Markets and Investment Banking Group in December 2006....
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