Merrill Lynch $4.9M FSLA Class Action Settlement

If you worked for Merrill Lynch in certain positions between December 11, 2021, and December 11, 2024, you may be eligible to claim a monetary award from a class action settlement.

Merrill Lynch has agreed to pay $4.9 million to settle a class action lawsuit for allegedly failing to pay proper overtime wages to certain employees. The lawsuit claims that Merrill Lynch required some employees to work off the clock and misclassified others as exempt from overtime pay.

Who are the class members?

The class members include individuals employed by Merrill Lynch that:

• In certain roles:
• Financial Solutions Advisor Stage I - Registration Candidate (Job Code BQ058)
• Financial Solutions Advisor Stage I (Job Code BQ223)
• ADRP Trainee (Job Code BQ249)
• ADRP Financial Solutions Advisor (Job Code BQ250)

• Between December 11, 2021, and December 11, 2024
• In the United States

The lawsuit, filed under the Fair Labor Standards Act (FLSA), alleges that Merrill Lynch failed to pay overtime wages to these employees. For Trainees and ADRP FSAs, the claim is that they were required to work off the clock, including studying for FINRA licensing exams outside regular hours. For FSA Is, the allegation is that they were improperly classified as exempt from overtime pay.

How much can class members get?

The settlement fund of $4.9 million will be distributed among eligible class members. The amount each class member receives depends on the number of weeks worked in the covered positions during the settlement period.

• Trainees and ADRP FSAs: The payment is calculated based on the number of weeks worked, with half of the payment subject to tax deductions and the other half treated as non-wage compensation.
• FSA Is: Similarly, the payment is based on weeks worked, with the same tax treatment as above.

For example, if you worked as a Trainee for 20 weeks, your payment will be calculated based on the total number of eligible weeks worked by all class members. The final amount may vary depending on the total number of claims filed.

How to file a claim

To claim your award, you must complete and sign the Consent to Join and Release Form. You can file a claim online or download the PDF form and mail it to the Settlement Claims Administrator.

Claim Form mailing address: Grosch v. Merrill Lynch, c/o CPT Group, Inc., 50 Corporate Park, Irvine, CA 92606

Deadline to File a Claim: April 1, 2025

Claim instructions

1. Obtain the Consent to Join and Release Form.
2. Complete all required fields, ensuring accuracy.
3. Submit the form online or mail it to the provided address.

$4.9 Million settlement fund

The settlement fund of $4,900,000 will cover:

• Attorneys' fees: up to $1,633,333.33
• Attorneys' costs: $24,742.14
• Settlement administrative costs: TBD
• Class members' payments: Remaining funds

When is the Merrill Lynch FSLA Settlement payout date?

Settlement checks will be sent approximately five months after the claim deadline.

Why is there a class action settlement?

The lawsuit alleges that Merrill Lynch failed to pay overtime wages to certain employees, requiring them to work off the clock or misclassifying them as exempt from overtime pay. Merrill Lynch denies these allegations but has agreed to settle to avoid further litigation.