Merrill to Settle Overtime Suit for $4.9M

The lawsuit was filed in Broward County, Florida, by Florence Grosch, a former Merrill financial advisor. In a complaint filed early in December, Grosch alleged that Merrill did not pay for all the overtime the FSAs and trainees logged beyond their stipulated 40-hour workweeks.

Merrill Lynch has not yet responded to a request for comment, but case documents show a judge has approved the settlement agreement. Other stipulations include that Merrill Lynch has the right to recoup any funds that are either left over or left unclaimed by eligible advisors or trainees who do not wish to participate in the settlement agreement.