MERRILL LYNCH FINANCIAL ADVISOR OVERTIME LAWSUIT

On April 6, 2012, Judge Katherine B. Forrest of the United States District Court, Southern District of New York granted Plaintiffs’ motion for a collective action pursuant to the Fair Labor Standards Act (FLSA). The lawsuit alleged that Merrill Lynch and Bank of America misclassified Financial Advisors as exempt salaried employees and thus, did not pay them overtime. However, because the Court found that all Financial Advisors are similarly situated, a notice will be mailed to all Financial Advisors advising them of the lawsuit and giving them an opportunity to join. The decision correctly distinguished how the standards for a 216(b) motion are different than a FRCP Rule 23 class action and that Plaintiffs need only make a modest factual showing that they are similarly situated to each other. Financial Advisors at many different companies are incorrectly misclassified and may be entitled to overtime pay. If you think you may be entitled to overtime, please call the New York City Employment Lawyers of Fitapelli & Schaffer for a free consultation.