BofA, Merrill Lynch Win Judge's OK Of $14M Deal In OT Suits

By Kurt Orzeck (May 6, 2016, 8:09 PM EDT) -- A New York federal judge on Friday approved a deal in which Bank of America Corp. and subsidiary Merrill Lynch will pay $14 million to settle two wage-and-hour collective actions accusing them of stiffing financial adviser trainees on overtime pay.

U.S. District Judge George B. Daniels issued a brief order approving the deal that would resolve the claims, in which plaintiffs alleged salaried Merrill Lynch employees were denied overtime pay during training to become financial advisers.

Plaintiffs' attorneys had argued that the settlement was the result of hotly contested litigation resolved through arm's-length negotiations handled by an experienced mediator. The lawyers...

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