Merrill Lynch agreed to $1.375 million to resolve claims it underpaid California financial advisors.
The settlement benefits employees of Merrill Lynch in California who worked as Client Associates between Aug. 26, 2016, and May 12, 2022, with the job titles “Registered Client Associate,” “Registered Senior Client Associate,” “Investment Associate,” “Private Wealth Associate,” “Sales Assistant,” “Sales Associate,” “Account Associate,” “Brokerage Associate” or any other non-exempt administrative support position.
Merrill Lynch is an investment management company that employs advisors and other associates to work with customers in developing personalized retirement and investment plans. Over 13,000 advisors work with Merrill Lynch, according to the company’s website.
However, Merrill Lynch may have taken advantage of its California advisors by failing to properly pay wages.
A 2020 class action lawsuit against Merrill Lynch claims the investment company failed to pay minimum wage and overtime wages and failed to give other wage-related benefits such as accurate wage statements.
The plaintiff in the case brings his allegations under various California laws including the state’s labor laws, the California Unfair Competition Law and the California Private Attorneys General Act (PAGA), which allows workers to bring labor claims on behalf of the state’s labor authority.
Merrill Lynch hasn’t admitted any wrongdoing and contends it has complied with California wage-and-hour laws at...
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