Merrill, BofA Settle Derivatives Specialists' OT Suits

Law360, New York (August 25, 2010, 11:45 AM EDT) -- Derivatives settlement specialists have reached a settlement in two proposed collective actions that claimed Merrill Lynch & Co. Inc. denied them overtime pay in violation of the Fair Labor Standards Act and New York labor laws.

Two consolidated cases were dismissed on Monday by Judge Paul G. Gardephe of the U.S. District Court for the Southern District of New York in an order that said the parties had reached an agreement though not yet formalized it.

The cases were filed in 2009 by ex-employees of the...
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