Bank of AmericaCorp. and unit Merrill Lynch agreed to pay $14 million insettlement to resolve class-action lawsuits on behalf of approximately 9,500trainees who said they were cheated of overtime pay.
The lawsuit claims that the North Carolina-based companyforced financial adviser trainees — working in its Practice ManagementDevelopment program — to work over 60 hours per week without overtime pay,Reuters reported March 23.
The settlement agreement provides about $1,000 per classmember, according to Justin Swartz, a lawyer for the plaintiffs. Additionally,BofA spokesman Bill Halldin declined to comment, the publication noted.