Published on:

Merrill Lynch Offers to Settle Unpaid Overtime Class Action for $12 Million — Our Chicago Class Action Attorneys File Unpaid Overtime Claims

 

When businesses fail to properly compensate their employees for all time worked, it is important for the employees to speak up and claim their rights. According to a class action lawsuit against Merrill Lynch, non-exempt client associates were allegedly often required to work overtime. Their job was to assist financial advisors and, allegedly, they regularly worked more than 40 hours per week. The client associates were paid a base salary and earned commissions from the financial advisors they worked for.

According to the lawsuit, the non-exempt employees were afraid to refuse to work overtime or raise the issue with superiors for fear of “disturbing their compensation agreements”. It is a sad fact that employees often fail to fight for their rights in the workplace for fear of retaliation. If they don’t stand up to their employer though, they are only allowing the company to continue to participate in unfair and unlawful practices.

The lawsuit also alleges that Merrill Lynch failed to keep accurate records of the time the employees worked, particularly overtime. The company allegedly erased or modified recorded time in order to eliminate or reduce overtime hours. Additionally, Merrill Lynch is accused of gender discrimination by allegedly steering women away from the higher-level positions.

Recently Merrill Lynch has offered $12 million to settle the case. That money will be used to pay wages, overtime compensation and attorney’s fees for the more than 5,000 nationwide client associates who make up the class. The settlement, if approved by the court, will cover employees who worked for the company beginning in 2006 for New York employees, 2008 in California, and 2009 in Washington and Maryland.


The attorneys at the Chicago Overtime Law Center are investigating unpaid overtime claims against large corporations such as Merrill Lynch for misclassifying employees as managers, erasing or altering time sheets or time records, pressuring workers not to report or record overtime, and otherwise failing to pay workers for overtime and other wages. If you are the victim this practice call us at (312) 869-4095 or contact us online.

The lawyers at the Chicago Overtime Law Center have decades of experience fighting for wage earner’s rights. We have a team of overtime attorneys who focus on nationwide class action lawsuits and work out of Chicago and Oak Brook offices and prosecute claims for workers all over the Chicago area including Schaumburg and Mount Prospect. We protect unpaid workers who haven’t received overtime throughout the Chicago area including in DuPage, Kane and Cook Counties.

Our Melrose Park and La Grange overtime lawyers are intimately familiar with the issues that arise during wage claim litigation, and we know the laws that govern overtime cases well. Many employers misclassify employees as being exempt from overtime laws and pay workers salaries instead of hourly wages in order to avoid paying them overtime. Some employers mistakenly classify employees as exempt and others intentionally do so in order to circumvent the law. In either case, workers do not receive the wages they should, and a lawsuit may be the only way to recover their earned wages.

The Chicago Overtime Law Center is based in Chicago, and represents clients throughout the country who have not been paid for the overtime hours that they worked. If you believe that you are owed overtime wages, contact one of our Chicago class action attorneys by phone at (312) 869-4095 or through our online form.