Merrill Lynch Overtime Suit Gets Preliminary Class Cert.

Law360, New York (April 6, 2012, 7:37 PM EDT) -- A New York federal judge gave preliminary certification Friday to a class of Merrill Lynch & Co. Inc. financial advisers who allege Merrill Lynch misclassified them as overtime exempt under the Fair Labor Standards Act.

The advisers, who worked giving financial advice to customers over the phone, alleged in a complaint filed last year that Merrill set performance goals that were nearly impossible to meet without working extensive uncompensated overtime. 

Merrill Lynch and its parent Bank of America Corp. argued in a court filing last month...
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