Merrill Lynch To Pay $12M To Settle OT Suit

Law360, New York (February 15, 2013, 7:34 PM EST) -- Merrill Lynch & Co. Inc. agreed Friday to pay $12 million to settle a class and collective action lawsuit in New York federal court alleging the Bank of America Corp. subsidiary failed to pay proper overtime to its client associates.

The settlement, which must be approved by a judge, is intended to compensate client associates who worked for Merrill Lynch between 2010 and 2012, although the period is longer for employees in California, New York, Maryland and Washington. Merrill Lynch was accused of violating the federal Fair Labor Standards Act and state overtime laws by not properly paying client associates overtime,...

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