The two men claim they often worked 10-hour days and were required to work long hours on weekends without receiving overtime pay.
Merrill Lynch, the Manhattan-based wealth management division of Bank of America, began the program in 2011 as a tool for training new hires, but also generating sales leads.
The class of affected employees could grow to include as many as 100. The potential for damage awards Merrill Lynch might have to pay: more than $5 million.
Note: The Fair Labor Standards Act requires time-and-a-half pay for hours worked over 40 per week. Management personnel are exempt, as are outside salespeople. The Department of Labor and the courts have been narrowing exemptions recently, especially for those two categories.
- How to Fire an Employee the Legal Way: 6 Termination Guidelines
- Beware minimum wage, OT violations--you could owe double damages, and more
- What's this new technology designed to help employees track their hours worked?
- Walmart pay saga continues with appeal to Pa. Supreme Court
- New overtime rules arrive; compliance date set