Merrill Lynch Class Action Settlement Overview Merrill Lynch has agreed to a $4.9 million settlement to resolve claims that it failed to properly compensate financial advisors and trainees, including unpaid wages and overtime violations. If you worked as a Financial Solutions Advisor Stage I – Registration Candidate, ADRP Trainee, ADRP Financial Solutions Advisor, or Financial Solutions Advisor Stage I between December 11, 2021, and December 11, 2024, you may be eligible for compensation.
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The lawsuit alleged that Merrill Lynch required trainees to work off the clock and study for licensing exams outside of working hours without compensation. Additionally, Financial Solutions Advisors were allegedly misclassified as exempt from overtime wages, leading to unpaid overtime claims for employees who worked more than 40 hours per week.
While Merrill Lynch denies any wrongdoing, the company has agreed to settle the claims to avoid further litigation.
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Who Is Eligible for the Merrill Lynch Settlement?
This class action settlement benefits current and former Merrill Lynch employees who worked in the following positions between December 11, 2021, and December 11, 2024:
- Financial Solutions Advisor Stage I – Registration Candidates (Job Code BQ058)
- ADRP Trainees (Job Code BQ249)
- ADRP Financial Solutions Advisors (Job Code BQ250)
- Financial Solutions Advisors Stage I (Job Code BQ223)
If you held any of these roles during the eligible period, you may qualify for a payout.
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How Much Can You Receive?
Class members will receive a cash payment based on the number of weeks they worked during the settlement period. The exact payout amount has not been disclosed, but eligible members should have received an estimated payment amount in their mailed notice.
The final payout could be higher or lower than the initial estimate depending on the total number of claims submitted.
Tax Treatment of Payments:
- 50% of the settlement payment will be classified as wages and reported on a W-2 tax form.
- The remaining 50% will be considered non-wage compensation and reported on a 1099 tax form.
How to File a Claim
To receive a payment, eligible class members must submit a valid consent form by April 1, 2025.
Follow These Steps to File Your Claim:
- Visit the official settlement website: ADRP-FLSASettlement.com
- Complete the consent form with the required information.
- Submit the form before the April 1, 2025 deadline.
There is no exclusion or objection deadline, meaning you cannot opt-out or object to the settlement terms.
Key Dates & Case Information
- Final Approval Hearing: December 11, 2024
- Claim Form Deadline: April 1, 2025
- Case Name: Grosch v. Merrill Lynch Pierce Fenner & Smith Inc., Case No. CACE24017277, in the Circuit Court of the Seventeenth Judicial Circuit in and for Broward County, Florida
Settlement Administrator Contact Information
For assistance with your claim, contact the Settlement Administrator:
Grosch v. Merrill Lynch Settlement
c/o CPT Group, Inc.
50 Corporate Park
Irvine, CA 92606
Email: [email protected]
Phone: 888-452-7974
Legal Representation
Class Counsel:
- Gregg I. Shavitz
- Paolo Meireles
- Shavitz Law Group PA
Defense Counsel:
- Elena D. Marcus
- Rebecca W. Lineberry
- McGuire Woods LLP
Final Thoughts: Why This Settlement Matters
This $4.9 million settlement is a significant victory for Merrill Lynch employees who were denied proper wages and overtime pay. If you are eligible, filing a claim ensures you receive the compensation you deserve.
Don’t miss out! Submit your consent form before April 1, 2025, to secure your payment.
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