Merrill Lynch Hit with Unpaid Overtime Lawsuit

Merrill Lynch Hit with Unpaid Overtime Lawsuit

Merrill Lynch Unpaid Overtime LawsuitNEW YORK CITY — Four former employees for Merrill Lynch recently filed an unpaid overtime lawsuit against the financial giant alleging the company deprived them of duly owed overtime wages under the Fair Labor Standards Act (FLSA) and New York state labor laws.

The suit seeks class action status, alleging other workers performing the same duties may also be similarly affected enough to join the claim.

According to the complaint, the plaintiffs routinely worked more than 40-hours per week as “client associates” for the wealth management firm but did not see any extra income for their efforts. Merrill Lynch encouraged the practice, doing so by failing to properly record all of the hours the client associates worked, allegedly.

Also named as a defendant to the lawsuit is Bank of America, which owns Merrill Lynch as well as dozens of other subsidiary banking and mortgage companies across the U.S. and worldwide. The suit seeks damages for back overtime pay, liquidated damages, and attorney’s fees under the FLSA nationwide, New York Labor Law, and Illinois Minimum Wage Law.

Federal and State Overtime Laws

Under the FLSA, almost all hourly associates are entitled to overtime pay when they work more than 40-hours per week. The Act holds overtime wages must be equal to at least one and half times their average hourly rate. Furthermore, employers must take reasonable steps to record all the hours worked by employees and provide them this information, usually on a pay stub.

Many other states also augment their wage laws by imposing other requirements on overtime pay. In New York for example, premium payments for holidays and discretionary bonuses must also be taken into account when calculating overtime pay.

When employers fail to follow wage and labor regulations, federal and state laws give ordinary people the right to hold their employers responsible by filing unpaid overtime lawsuits. Speaking to an attorney about one’s case can help them understand their legal rights and get the justice and compensation they deserve for their hard work.

Banking Overtime Lawsuits

Call (855) 754-2795 or complete the Free Unpaid Overtime Case Review form on the top right of this page if you feel that you and and other employees believe that your wage rights are being violated under the FLSA. Our top-rated team of unpaid wage lawyers will evaluate your situation to determine your best course of action to help you seek justice.

Our office will also determine if it is in your best interest to file a lawsuit against your employer. Because strict time limitations apply for filing these types of claims, we advise you contact our experienced unpaid overtime wage attorneys at your earliest convenience and preserve your legal rights.

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