This settlement is closed!
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Merrill Lynch has agreed to pay $4.9 million to settle claims that it failed to pay its financial advisors and other employees proper wages, including overtime wages.
The Merrill Lynch settlement benefits current and former Merrill Lynch employees who worked as Financial Solutions Advisor Stage I – Registration Candidates or ADRP Trainees, ADRP Financial Solutions Advisors or Financial Solutions Advisors Stage I between Dec. 11, 2021, and Dec. 11, 2024.
According to the unpaid wages collective action lawsuit, Merrill Lynch requires trainees to work off the clock and study for licensing exams after hours without paying them for this time. In addition, Merrill Lynch allegedly misclassifies Financial Solutions Advisors as exempt from overtime wages to deny these workers overtime pay for hours worked over 40 hours in a week.
Merrill Lynch is a financial services company owned by Bank of America which offers wealth management, investment and other services to consumers.
The company hasn’t admitted any wrongdoing but agreed to the $4.9 million settlement to resolve the unpaid wages allegations.
Under the terms of the Merrill Lynch settlement, class members can receive a cash payment based on the number of weeks they worked during the covered period. No payment estimates are available on the settlement website, though class members should have received an estimated payment amount in their mailed notice. Actual payments may be higher or lower than these estimates, based on the number of consent forms filed.
Half of each payment will be considered wages and result in a W-2 tax form. The other half of each payment will be considered non-wage compensation and result in a 1099 tax form.
There is no exclusion or objection deadline in this collection action settlement.
The collection action settlement was approved by the court on Dec. 11, 2024.
In order to receive settlement benefits, class members must submit a valid consent form by April 1, 2025.
Who’s Eligible
Current and former Merrill Lynch employees who worked as a Financial Solutions Advisor Stage I – Registration Candidate (Job Code BQ058) or an ADRP Trainee (Job Code BQ249), an ADRP Financial Solutions Advisor (Job Code BQ250) and/or a Financial Solutions Advisors Stage I (Job Codes BQ223) between Dec. 11, 2021, and Dec. 11, 2024.
Potential Award
TBD
Proof of Purchase
N/A
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
04/01/2025
Case Name
Grosch v. Merrill Lynch Pierce Fenner & Smith Inc., et al., Case No. CACE24017277, in the Circuit Court of the Seventeenth Judicial Circuit in and for Broward County, Florida
Final Hearing
12/11/2024
Settlement Website
Claims Administrator
Grosch v. Merrill Lynch
c/o CPT Group, Inc.
50 Corporate Park
Irvine, CA 92606
[email protected]
888-452-7974
Class Counsel
Gregg I. Shavitz
Paolo Meireles
SHAVITZ LAW GROUP PA
Defense Counsel
Elena D. Marcuss
Rebecca W. Lineberry
MCGUIRE WOODS LLP
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2 thoughts on$4.9M Merrill Lynch unpaid wages class action settlement
considering a lawsuit against TikTok (and its parent company, ByteDance) for alleged fraudulent disqualifications from the Creator Rewards Program, here are the steps you can take to strengthen your case:
1. Gather Evidence
To build a strong case, you will need to document everything, including:
Screenshots of notifications about video disqualifications.
Records of videos removed or disqualified.
Any communication with TikTok support regarding disqualifications.
Proof of lost income (e.g., expected rewards earnings vs. actual payout).
Statements from other creators experiencing similar disqualifications.
2. Identify the Legal Grounds
Potential legal claims could include:
Breach of Contract – If TikTok’s Creator Rewards Program terms promise earnings but unfairly disqualify videos, this may constitute a contract violation.
Unfair Business Practices (Fraud) – If creators were misled about how the rewards system works and TikTok disqualified videos without clear justification.
Discrimination or Bias – If evidence suggests that disqualifications disproportionately affect certain creators without valid cause.
Violation of Consumer Protection Laws – If TikTok’s practices are found to be deceptive under U.S. laws such as the Federal Trade Commission (FTC) Act.
3. Consider a Class Action Lawsuit
If multiple creators have experienced similar issues, you might explore filing a class action lawsuit with other affected individuals.
A class action strengthens the case and increases pressure on TikTok.
You can connect with other creators via social media, Reddit, or online forums to gather more cases.
4. Seek Legal Assistance
Consult with an attorney specializing in technology law, contract disputes, or consumer rights.
Provide all your evidence to determine if there is a solid legal basis for action.
Look for law firms that handle class-action lawsuits or lawsuits against large tech companies.
5. File Complaints with Regulatory Authorities
If TikTok’s actions seem fraudulent or unfair, consider filing complaints with:
The Federal Trade Commission (FTC) – Report deceptive business practices.
State Attorney General Offices – Many states investigate unfair consumer practices.
Better Business Bureau (BBB) – Though not a legal agency, complaints may pressure TikTok to address concerns.
6. Raise Awareness & Pressure TikTok
Public pressure can force TikTok to address creator concerns.
Consider using social media, online petitions, or media outreach to raise awareness.1. Draft a Formal Complaint Letter
I’ll provide you with a complaint letter template that you can send to TikTok, attorneys, and regulatory agencies like the FTC.
2. Find Attorneys Specializing in Class Action & Consumer Rights
I can help locate law firms that specialize in lawsuits against tech companies and creator rights.
3. Connect with Other Affected Creators
We can explore strategies to gather testimonies from other creators experiencing similar issues to strengthen the case.
Concerns have arisen among TikTok creators regarding disqualification from the Creator Rewards Program, leading to potential income loss. Creators have reported instances where their videos were disqualified for reasons such as “low quality” or “security issues,” resulting in forfeited earnings.
REDDIT.COM
BLACKHATWORLD.COM
Disqualification can occur for various reasons, including violations of TikTok’s community guidelines, use of prohibited content, or perceived security concerns. Some creators have expressed frustration over disqualifications they believe to be unjustified, citing a lack of transparency in the process.
REDDIT.COM
While there have been significant lawsuits against TikTok and its parent company, ByteDance, these have primarily focused on issues such as children’s privacy violations. For example, the Federal Trade Commission (FTC) filed a lawsuit alleging violations of children’s privacy laws.
FTC.GOV
However, there is limited public information on lawsuits specifically addressing creator disqualifications from the rewards program.
Creators facing disqualification have the option to appeal TikTok’s decision. The success of such appeals varies, with some creators reporting reinstatement of their content without recovery of lost earnings.
REDDIT.COM
Creators who believe they have been unjustly disqualified may consider seeking legal advice to explore potential actions. Documenting all communications with TikTok and understanding the platform’s terms of service are crucial steps in addressing these concerns.