Law Offices of Todd M. Friedman, P.C.

With offices in California, Ohio, Pennsylvania and Illinois, we serve clients throughout the country.

Toll Free 877-619-8966

California 424-235-1148

Pennsylvania 424-235-1148

Illinois 312-292-9296

Over $500 million in verdicts and settlements.

Law Offices of Todd M. Friedman is open and operating. Out of concern for our clients’ health, we are offering phone and virtual meetings for both current clients and those seeking information. To contact us, please call the number appropriate to your location, listed at the top of every page.

Settlement Reached In Merrill Lynch Overtime Pay Lawsuit

| Feb 20, 2013 | Firm News |

The lawsuit alleged that Merrill Lynch required associates, who assisted financial advisors, to work more than 40 hours a week but failed to pay them overtime.  The lawsuit was filed by Nancy Martignago, a Merrill Lynch employee since 1985, on behalf of herself and other non-exempt client associates. (No. 11CIV03923)

According to the suit, Merrill Lynch pays a base salary to client associates, who also earn commissions from the financial advisors they work for.  These client associates, for fear of disturbing their compensation agreements, did not refuse to work overtime nor did they raise the issue with superiors.

Merrill Lynch was also accused of not keeping records of overtime worked by the associates and, at times, erasing or modifying their recorded time in order to eliminate or reduce overtime hours.

Merrill Lynch has agreed to a settlement with more than 5,000 broker assistants who filed a class action accusing the financial services firm of failing to properly pay overtime.

In the agreement, Merrill Lynch will create a $12 million fund to be used to pay wages, overtime compensation and attorney fees to the assistants, known as client associates, who claimed the firm violated the Fair Labor Standards Act, (FLSA).

According to the FLSA: Covered non-exempt employees must receive overtime pay for hours worked       over 40 per workweek at a rate not less than one and one-half times the regular rate of pay. (

If your employer has failed to give you the proper overtime pay or has violated California’s employment law in any other way, please give my office, The Law Offices of Todd M. Friedman a call at (877) 449-8898 for a free consultation.

FindLaw Network
Share This