Bank of America and its Merrill Lynch unit were sued by two former financial-adviser trainees who claim they weren’t paid overtime for 10-hour days, long nights and weekend work.
Bloomberg News reports that the former trainees accused the companies of violating the Fair Labor Standards Act.
They seek to represent more than 100 trainees who have worked in the companies’ Practice Management Development program since August 5, 2011. Damages for the proposed class exceed $5m, according to the complaint filed Thursday in Manhattan federal court.
Bank of America and Merrill failed to properly compensate trainees in the development stage of the program who were expected to generate leads on potential bank clients, Andrew Blum and Zaq Harrison said in their complaint.
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