(Bloomberg) -- Bank of America and its Merrill Lynch unit were sued by two former financial advisor trainees who claim they weren’t paid overtime for long days and weekend work.
Ronni Reiburn and Samuel Jorgenson, who were employed in the training stage of Merrill Lynch’s Practice Management Development Program, claim they worked more than 60 hours a week on average but weren’t paid overtime for the hours in excess of 40, in violation of the Fair Labor Standards Act.
They seek to represent all other current and former employees in the training stage who worked at Merrill Lynch nationwide since Aug. 5, 2011, and choose to join the lawsuit. Total claims will exceed $5 million, according to the complaint filed Thursday in Manhattan federal court.
In addition to FLSA breaches, the companies are accused of violating New York’s wage-and-hour law and failing to keep proper records.
A similar suit was filed last month on behalf of financial advisor trainees in the development stage of the Merrill Lynch program.
The main difference between the two suits is that they target different stages in Merrill Lynch’s three-year training program.
William Halldin, a spokesman for Charlotte, N.C.-based Bank of America, declined to comment on the lawsuit.
The case is Reiburn v. Merrill Lynch & Co., 15-cv-02960, U.S. District Court, Southern District of New York (Manhattan).
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