Bank of America has agreed to pay $425,000 to settle employee claims that the company failed to pay workers for all overtime hours worked.

Collective action members include all those individuals who worked as a private banking associate for U.S. Trust/Bank of America Private Bank between Aug. 18, 2020, and Aug. 22, 2022.

The Bank of America private banking associate wage and hour collective action lawsuit was filed by Elizabeth Copeland, who worked as a private banking associate for Bank of America. She claims that though she worked more than 40 hours per week in this role, she was not paid overtime pay for all of the hours above 40 hours per week that she worked. She states that the Fair Labor Standards Act (FLSA) and California law require employers to pay workers overtime pay equal to 1.5 times their normal rate of pay.

The plaintiff claims she was financially injured by the company’s failure to adhere to this labor law. Allegedly, many other workers were injured in a similar manner by the company’s failure to pay overtime.

Bank of America has not admitted any wrongdoing in response to these claims but has agreed to a settlement in order to avoid the continued costs and risks of litigation.

From the $425,000 total settlement amount, $151,666.67 has been allocated to pay for attorney fees and costs, and $6,500 has been set aside to compensate Copeland for her role as class representative.

The remaining funds will be divided among all those collective action members who...

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