Merrill Lynch Agrees to Pay $4.9 Million to Settle Advisors' Overtime Claims

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Merrill Lynch Agrees to Pay $4.9 Million to Settle Advisors' Overtime Claims

^{Published on 2024-12-18 09:41:08 - MSN}

The settlement is open to employees who worked as trainees and financial solutions advisors in the Consumer Investments division in the last three years.

Merrill Lynch has agreed to pay $4.9 million to settle claims from its financial advisors who alleged they were not properly compensated for overtime work. The settlement addresses claims that advisors, classified as exempt employees, were working extensive hours without receiving due overtime pay. This agreement, which still requires court approval, covers approximately 1,100 current and former advisors. The lawsuit highlighted that these advisors often worked over 40 hours per week, including weekends, without adequate compensation. The settlement aims to resolve these labor law disputes, providing compensation to the affected employees while allowing Merrill Lynch to avoid further legal proceedings.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/topstocks/merrill-lynch-agrees-to-pay-4-9-million-to-settle-advisors-overtime-claims/ar-AA1w5D1P ]

Contributing Sources

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Merrill Lynch Agrees to Pay $4.9 Million to Settle Advisors' Overtime Claims