$73M Bank of America Wage Class Action Settlement Gets Final OK

Top Class Actions’s website and social media posts use affiliate links. If you make a purchase using such links, we may receive a commission, but it will not result in any additional charges to you. Please review our Affiliate Link Disclosure for more information.

Kansas Federal Judge John W. Lungstrum has given his final approval to $73 million class action settlement between Bank of America NA and more than 180,000 employees who were forced to do off-the-clock work in violation of the Fair Labor Standards Act and state wage and hour laws.

Bank of America denied the allegations in the wage class action lawsuit but agreed to settle the claims to provide a Gross Settlement Fund capped at $73 million. The amount would be allocated to all Class Members; attorneys’ fees and other costs; all applicable payroll taxes; service awards or incentive payments; a payment to the California Labor Workforce Development Agency for settlement of claims; and costs of settlement administration.

Class Members of the Bank of America wage settlement are comprised of 240 individuals who already opted in and approximately 185,000 non-exempt hourly workers employed by Bank of America nationwide in a retail banking or call center. Each Class Member will be allocated a minimum of $20.00 from the Net Settlement Fund and an additional proportionate share based on a point system.

A Class Member’s points will be calculated by multiplying the most recent hourly base compensation rate by the number of weeks worked in the relevant time period with certain adjustments based on the agreement designed to fairly account for the relative value of Class Members claims.

For example, Class Members in California will have their base points adjusted by a “California multiplier” of 1.4. Therefore, a Class Member from California who worked for 140 weeks at a final base rate of $14.50 per hour would have 2030 gross points, adjusted by the California 1.4 multiplier to 2842. The Net Settlement Fund will then be divided by all Class Members’ points to determine the “net share point.” Each Class Member’s points are then multiplied by the net share per point to get the Class Member’s gross share.

Notice of the Bank of America wage class action settlement will be sent to eligible Class Members by Kurtzman Carlson Consultants, the Settlement Administrator. At press time, a Settlement Website had not been established by KCC so details on how to file a claim for the Bank of America wage settlement were not immediately available.

The Bank of America Wage & Hour Class Action Lawsuit is In re: Bank of America Wage and Hour Employment Practices Litigation, Case No. 2:10-md-02138, in the U.S. District Court for the District of Kansas.

Help for Victims of Wage & Hour Violations

Going up against a large corporation for wage and hour violations can be daunting, but banding together with other victims through a class action lawsuit can save you time, money and resources. If you were forced to work overtime or off the clock without overtime pay, were denied meal breaks, were paid less than minimum wage or suffered some other wage and hour violation, you may have the right to seek back pay and penalties from your current or former employer. Don’t delay though: the statute of limitations under the FLSA is 2 to 3 years, depending on the state. Find out if you qualify by filling out the short form at the Wage & Hour, Overtime Pay Class Action Lawsuit Investigation.