Bank must pay $14 million for unpaid overtime

Bank must pay $14 million for unpaid overtime

Bank must pay $14 million for unpaid overtime A bank has come under fire for overworking its trainees.

A Reuters report suggests that Bank of America could have to pay out $14 million for unpaid overtime work at Merrill Lynch, its brokerage arm.

The accord, which still requires court approval, would compensate 9,500 trainees who engaged in the Merrill practice management development program for several weeks or months. According to the lawsuit, trainees worked 10-14 hours a day, including weekend work and attending outside functions.

According to plaintiffs in the lawsuit, each member will receive around $1,000 following legal fees with law firms planning to collect about $4.67 million. They allege that Merrill’s failure to meet overtime payments went against the Fair Labor Standards Act.

This is actually the second time that the company has faced a lawsuit for unpaid overtime. Back in January 2014 a similar suit was filed but a $5 million settlement was dismissed as the suit included trainees that had gone on to become financial advisors.