Bank of New York Mellon Overtime Pay Wage & Hour Laws
Bank of New York Mellon Overtime Lawsuits: Wage & Hour Laws

Bank of New York Mellon Overtime Lawsuits: Wage & Hour Laws

Commonly asked overtime pay law questions about Bank of New York Mellon:

What is Bank of New York Mellon?

Bank of New York Mellon is an American multinational banking and financial services corporation. It was formed in 2007 as a result of the Bank of New York and Mellon Financial Corporation merger.

BNY Mellon is the oldest banking corporation in the United States and has about 52,000 employees. The bank is headquartered at 1 Wall Street, Manhattan, New York City.

Who Does Bank of New York Mellon Employ?

Bank of New York Mellon employs about 52,000 people. Our experienced overtime pay lawyers handle cases for all BNY Mellon employees, including the following:

  • Bank tellers
  • Financial analysts
  • Loan officers
  • Financial managers
  • Branch managers
  • Assistant branch managers
  • Banking operation specialists
  • Commercial banking officers
  • Quality assurance coordinators

Where is Bank of New York Mellon Located?

Bank of New York Mellon’s global corporate headquarters is located in New York, New York. The company has expanded to have satellite offices throughout the United States and across the world. Some of the U.S. locations include:

Bank of New York Mellon Overtime Pay Lawsuit News

What are the Laws for Bank of New York Mellon Employee Overtime Pay?

Under the Fair Labor Standard Act (FLSA), many Bank of New York Mellon employees are considered non-exempt and therefore entitled to overtime pay.

If an employee is non-exempt under the FLSA, the law requires that they are paid overtime wages of one and one-half times their regular rate of pay for every hour past 40 in one week.

The FLSA has several exemptions, however, that would preclude employees from receiving overtime pay. For example, employees with “adminstrative” or “professional” roles may fall under these exemptions.

It is important to note that exemption is not determined solely based on job title. Rather, job description, job duties, rate of pay, and hours worked are used to determine if an employee should receive overtime pay.

On top of the FLSA, some states have their own overtime pay laws. These laws may complement or contradict the FLSA, so it is important to consult an experienced attorney who is familiar with all the applicable overtime pay laws.

Is a Bank of New York Mellon Employee Entitled to Overtime Pay?

Bank of New York Mellon employees are often required to work long hours, as well as additional time before and after their scheduled shift. As a result, many BNY Mellon employees end up working more than 40 hours per week, and are therefore entitled to overtime pay.

Employees who are exempt under the FLSA are not entitled to overtime pay. Whether or not a BNY Mellon employee falls under the “administrative” or “professional” exemptions is determine based on job description, job duties, rate of pay, and number of hours worked.

Employers often deny or unlawfully refuse to pay overtime by misclassifying the positions of the workers, claiming that they are exempt when, in reality, they are not. For example, branch managers may be classified as exempt by BNY Mellon based on their “manager” title, when, in reality, their job duties more accurately reflect a non-exempt position.

BNY Mellon may also require their employees to report to work early but not “punch the clock” until later or strike hours off of time cards, or they may refuse to pay employees for work done before the shift starts and after they punch out for the day. These are violations of the Fair Labor Standards Act (FLSA) and can give rise to an overtime pay lawsuit.

An experienced overtime pay attorney will be able to analyze your case in the context of the FLSA and your state’s laws to determine if you are due overtime wages from BNY Mellon.

Does Bank of New York Mellon Have to Pay Overtime Wages to its Employees?

In many cases Bank of New York Mellon is required to pay overtime wages to employees that work more than 40 hours in one week. This excludes employees who are considered exempt under the FLSA.

Exemption is not cut and dry; the FLSA is a complicated law and state laws can complicate the picture even further.

If you believe that BNY Mellon owes you overtime pay, it is best to consult an attorney who has experience with the FLSA and state overtime wage laws.

To determine whether you are eligible for filing a wage claim, contact our experienced Bank of New York Mellon Overtime Pay Lawyers at (855) 754-2795 for a Free Consultation to discuss your case or complete the Free Unpaid Overtime Case Review Form on this page.  We will discuss your situation and determine if you have a claim. If you are owed unpaid wages, we will represent you under our No Fee Promise, which means there are never any legal fees or costs unless you receive a settlement.

Has Bank of New York Mellon Been Involved in Overtime Pay Lawsuits?

Over the past several years, current or former bank employees have brought a number of lawsuits against institutions like Bank of New York Mellon in an effort to reclaim lost overtime wages. If you believe BNY Mellon is denying you overtime wages, you may have a case similar to that of a previous lawsuit. Here are a few examples of such lawsuits:

  • A group of former employees for M&T Bank filed a federal overtime pay lawsuit against the company alleging they are owed overtime pay under the FLSA. The group claims they were hired by M&T Bank to perform analytical work and review company compliance policies but their actual duties were data entry and clerical work. Furthermore, the suit claims the plaintiffs routinely worked as many as 60 hours per week to meet their caseloads and were understaffed for their project.
  • A former Fifth Third Bank employee filed a proposed class action suit on behalf of Customer Service Managers, claiming that they were misclassified as exempt under the FLSA. The suit states that their primary job duties did not materially differ from the duties of non-exempt hourly paid employees. The performance of non-exempt duties apparently occupied the majority of the working hours of customer service managers.
  • Financial adviser trainees filed an overtime suit against Bank of America and Merrill Lynch. The plaintiffs were part of a five-stage training program to become full financial advisers with the company. They filed suit claiming that they were wrongly classified as exempt from overtime, and sought to represent trainees who went through the second stage of the program, which lasted ninety days and involved generating leads on clients.
  • PNC Bank recently agreed to a $16 million settlement to resolve an ongoing class action overtime pay lawsuit with mortgage loan officers over allegations that the company used a variety of methods to cheat workers out of hard earned overtime. The lawsuit alleged PNC Bank actively discouraged mortgage loan officers from reporting any overtime earned and even went so far as to only pay half of the employee’s hourly wage when these individuals should have earned one and a half times their regular rate of pay. Even worse, the plaintiffs accused PNC Bank of failing to include the loan officers’ commissions and bonuses when calculating overtime wages.

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