Financial advisor

Financial advisor: Merrill Lynch financial advisor pays $1.375M class action settlement

By Hardik Wasanwal

This agreement benefits Merrill Lynch employees in California who worked as Client Associates between August 26, 2016 and May 12, 2022, "Registered Client Associate," "Registered Senior Client Associate," "Investment Associate" ,” β€œPersonal Wealth Associate,” β€œSales Assistant,” β€œSales Associate,” β€œAccount Associate,” β€œBrokerage Associate” or any other non-exempt administrative support position.

Merrill Lynch is an investment management company that hires advisors and other associates to work with clients in developing individual retirement and investment plans. More than 13,000 consultants work with Merrill Lynch, according to the company's website.

However, Merrill Lynch may have taken advantage of its California advisors by failing to pay wages properly.

Merrill Lynch agreed $1.375 million to California financial advisors to settle underpaid claims.

A 2020 class action lawsuit against Merrill Lynch claims that the investment company failed to pay minimum wage and overtime wages and failed to provide accurate wage details such as other wage-related benefits.