Bank of America overtime $425K collective action settlement

Bank of America has agreed to pay $425,000 as part of a settlement resolving employee claims that the company failed to pay workers for all overtime hours worked.

Collective action members include all those individuals who worked as a private banking associate for U.S. Trust/Bank of America Private Bank between Aug. 18, 2020, and Aug. 22, 2022.

The Bank of America private banking associate wage and hour collective action lawsuit was filed by Elizabeth Copeland, who worked as a private banking associate for Bank of America. She claims that though she worked more than 40 hours per week in this role, she was not paid overtime pay for all of the hours above 40 hours per week that she worked. She states that the Fair Labor Standards Act (FLSA) and California law require employers to pay workers overtime pay equal to 1.5 times their normal rate of pay. 

The plaintiff claims she was financially injured by the company’s failure to adhere to this labor law. Allegedly, many other workers were injured in a similar manner by the company’s failure to pay overtime.

Bank of America has not admitted any wrongdoing in response to these claims but has agreed to a settlement in order to avoid the continued costs and risks of litigation.

From the $425,000 total settlement amount, $151,666.67 has been allocated to pay for attorney fees and costs, and $6,500 has been set aside to compensate Copeland for her role as class representative. 

The remaining funds will be divided among all those collective action members who opt in to receive benefits. 

The funds will be divided based on the number of weeks each individual worked as a private banking associate during the class period. Settlement checks must be cashed within 120 days of the date they were issued.

No final hearing date was available.

Those who do not wish to participate in the Bank of America settlement should simply not fill out the consent to join and release form.

Individuals who wish to join the collective action and receive benefits must complete a consent to join and release form by Dec. 23, 2022.

Who’s Eligible

Individuals who worked as a private banking associate for U.S. Trust/Bank of America Private Bank between Aug. 18, 2020, and Aug. 22, 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

12/12/2022

Case Name

Copeland v. Bank of America, Case No. 50-2022-CA-008037-XXXX-MB, in the Circuit Court of the Fifteenth Judicial Circuit in and for Palm Beach County

Final Hearing

Unavailable

Settlement Website

PBASettlement.com

Claims Administrator

PBA Settlement Claims Administrator
c/o Rust Consulting Inc – 7745
PO Box 2396
Faribault, MN 55021-9096
claims@PBAsettlement.com
888-356-1499

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