Bank of America Corp. and its Merrill Lynch unit were sued by two former financial-adviser trainees who claim they weren't paid overtime for 10-hour days, long nights and weekend work.
The former trainees accused the companies of violating the Fair Labor Standards Act. They seek to represent more than 100 trainees who have worked in the companies' Practice Management Development program since Aug. 5, 2011. Damages for the proposed class exceed $5 million, according to the complaint filed Thursday in Manhattan federal court.
(More: BofA Merrill pays $7 million to settle overtime pay case)
Bank of America and Merrill failed to properly compensate trainees in the development stage of the program who were expected to generate leads on potential bank clients, Andrew Blum and Zaq Harrison said in their complaint.
Mr. Blum, of Stuart, Fla., said he was required to work 10-hour days and attend client functions in the evening two to three times a week and events for as long as eight hours on weekends during the three months he was a development-stage trainee in 2012. Mr. Harrison, a resident of Baltimore, also worked long hours during his three months in the program, including eight-hour stints on Sundays, according to the complaint.
(More: Overtime pay for advisers?)
In addition to FLSA violations, the companies are accused of violating Maryland's wage-and-hour law.
William Halldin, a spokesman for Charlotte, N.C.-based Bank of America, declined to comment on the lawsuit.
The case is Blum v. Merrill Lynch & Co., 15-cv-01636, U.S. District Court Southern District of New York (Manhattan).
