Merrill employee misclassification $3.4M collective action settlement

Merrill Lynch, Pierce, Fenner & Smith Inc., known as Merrill, has set up a fund of $3.4 million to settle a collective action lawsuit that alleged the company violated the Fair Labor Standards Act, or FLSA. 

The class is made up of employees who worked for Merrill as a Financial Solutions Advisor – FC at any time between Aug. 3, 2020, and Aug. 10, 2022.

The class action lawsuit alleged the company misclassified an entire class of employees as exempt from overtime laws, resulting in lost wages. The lawsuit claimed the defendant encouraged their FSAs to work more than 40 hours per week, but did not pay them all hours for their work, and allegedly enacted a centralized, company-wide policy that classified all its FSAs as exempt from federal overtime protections, regardless of where they worked. 

The plaintiff claimed the defendant willfully misclassified FSAs as exempt, failed to record the time the FSAs worked and failed to pay them proper overtime wages.

Employee misclassification is not uncommon, and rules about who is exempt or non-exempt and what types of work are eligible for overtime can vary from state to state.

Merrill Lynch, Pierce, Fenner & Smith, according to the lawsuit, is one of the largest banks and brokerage firms in the world. Merrill is the investment and wealth management division of Bank of America. 

The defendant denies it violated the law and claims it properly compensated the employees in the class, claiming the settlement is merely a means to avoid further litigation and expense.

Class members must complete and return a form in order to participate in the settlement and receive money. The amount each class member receives is based on the number of weeks the employee worked during the applicable time period. 

Those who do not complete the consent form are not bound by the settlement and will not receive a payment.

This step is required in order to receive payment. Class members may fill out the form online; they may also email, fax or mail the form. Once a class member becomes part of the collective action, they cannot sue Merrill Lynch for any claims relating to this lawsuit.

No opt-out or objection options are mentioned in the settlement notice.

The final hearing date was not available.

The deadline for class members to complete their consent and release forms is Dec. 2, 2022. 

Who’s Eligible

Employees who worked for Merrill as a Financial Solutions Advisor – FC at any time between Aug. 3, 2020, and Aug. 10, 2022.

Potential Award

Varies

Proof of Purchase

No proof of purchase applicable

Claim Form

NOTE: If you do not qualify for this settlement do NOT file a claim.

Remember: you are submitting your claim under penalty of perjury. You are also harming other eligible Class Members by submitting a fraudulent claim. If you’re unsure if you qualify, please read the FAQ section of the Settlement Administrator’s website to ensure you meet all standards (Top Class Actions is not a Settlement Administrator). If you don’t qualify for this settlement, check out our database of other open class action settlements you may be eligible for.

Claim Form Deadline

12/02/2022

Case Name

Hill v. Merrill Lynch, Pierce, Fenner & Smith Incorporated, Case No.50-2022-CA-007445-XXXX-MB, in the Circuit Court of the Fifteenth Judicial Circuit in and for Palm Beach County, Florida

Final Hearing

Unavailable

Settlement Website

FSASettlement.com

Claims Administrator

FSA Settlement Claims Administrator
c/o Rust Consulting, Inc. – 7738
PO Box 2651
Faribault, MN 55021-9651
claims@FSASettlement.com
877-310-0430

Class Counsel

Gregg I Shavitz
Paolo C Meireles
SHAVITZ LAW GROUP PA

Justin M Swartz
OUTTEN & GOLDEN LLP

Defense Counsel

Elena D Marcuss
MCGUIREWOODS LLP