Merrill Lynch To Pay $2.9M To Settle Wage Delay Suit

Law360, New York (April 25, 2013, 7:58 PM EDT) -- Merrill Lynch & Co. Inc. has agreed to pay $2.9 million to settle a class action filed by ex-financial advisers who said their former employer made them wait an unlawfully long time to receive commission checks after they had left the company, according to a motion filed Thursday in California federal court.

The 295 former employees, who said in their complaint that Merrill Lynch paid commissions to its ex-advisers on its own schedule without regard to the requirements of California state law, are each entitled to...
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