Merrill Lynch, the investment banking firm acquired by Bank of America, has agreed to create a $12 million fund to settle a class-action lawsuit alleging it didn’t properly pay overtime to employees who provide support services for brokers. Broker assistants are non-exempt employees who must be paid at least one and half times their hourly wage for all hours over 40 in a work week. The lawsuit alleged that Merrill Lynch broker assistants were paid overtime based on an incorrect and low regular rate of pay and that Merrill Lynch failed to properly record and account for all overtime hours they worked. According to a source familiar with the case, approximately 90% of the broker assistants are women. The $12 million fund will provide financial recovery for broker assistants who worked for Merrill Lynch between 2010 and 2012. The settlement will require court approval.
Source: American Banker
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