Morgan & Morgan’s class action attorneys are investigating claims from anti-money laundering specialists, and other bank employees, about federal Fair Labor Standards Act violations in the financial industry involving several banks similar to Bank of America.
Bank of America has been the target of at least a few FLSA suits. For instance, Bank of America and its subsidiary Merrill Lynch, recently agreed to pay $14 million to settle with financial adviser trainees, who accused the bank of not paying overtime. In another case that is currently ongoing, IT workers allege that Bank of America also deprived them of overtime wages.
If you believe you were wrongfully denied overtime pay, fill out our free, no-risk case evaluation form today.
The Alleged Labor Violations
The violations involve misclassifying employees as exempt from overtime pay, resulting in them not receiving “time-and-a-half” pay for their overtime hours. Workers designated as “non-exempt” employees must be paid time-and-a-half compensation for the hours they worked beyond 40 in a given workweek.
If these allegations made by employees in the financial industry are substantiated, they would point to violations of the FLSA and other state labor laws and the plaintiffs would be entitled to compensation for their unpaid overtime pay.
The positions at certain banks identified by Morgan and Morgan as wrongfully exempt from overtime pay are AML Compliance Analysts, A&R Analysts, Data Analysts, Financial Reporting Analysts, Implementation Analysts, Quality Assurance Specialists, and Solutions Analysts.
Under our analysis, employees in these positions at certain banks were incorrectly classified as exempt and, according to the FLSA, should be reclassified as non-exempt and be compensated for their past overtime hours.
What If I’m Wrongfully Exempt From Overtime Pay?
If you have worked for a bank and think your position could be wrongfully deemed exempt from overtime pay, you might be eligible for compensation.
Morgan & Morgan has a team of lawyers dedicated to representing employees in wage-and-hour actions. We litigate hundreds of unpaid wages cases a year involving thousands of employees across the nation, including collective actions similar to this case.