Merrill Lynch FSA Overtime Pay Settlement

Settlement Structure: Claims Made

Active: Closed

Closed Settlement Statement:

According to court documents, the claim submission deadline has passed. Please contact the claims administrator if you have any questions

Case Summary:

Merrill Lynch, Pierce, Fenner & Smith, Inc. is settling a collection action brought under the Fair Labor Standards Act (FLSA). The complaint alleged that Merrill Lynch did not pay employees classified as Financial Solutions Advisors properly for all the hours of overtime they worked.

Docket Number:


Company: Merrill Lynch, Pierce, Fenner & Smith, Inc.

Filing Deadline: December 2, 2022

Class Period: August 3, 2020 to August 10, 2022

Proof of Purchase:

You do not have to provide proof.


You may be eligible if you are a Merrill Lynch employee who worked as an overtime-pay-exempt Financial Solutions Advisor—FC (Job Code BQ042) (FSA) at any time between August 3, 2020 and August 10, 2022.

Typical Settlement Amount:

Share of the net settlement fund calculated according a formula based on the number of weeks worked in the covered position during the class period. Half the amount will be considered wages and will be subject to deductions for taxes and withholdings, for which you will receive a W-2 form; the other half will be reported to the IRS on a Form 1099.

Total Settlement Amount: $3,400,000

Class Representative Proposed Incentive Fee:

General Release Payment to Plaintiff $9,500

Law Firms:
Outten and Golden LLP
Shavitz Law Group PA

Claim Form: Consent to Join and Release Form

Case Name: Hill v. Merrill Lynch, Pierce, Fenner & Smith Incorporated

Settlement Website: FSA Settlement Website

Claims Administrator:
Rust Consulting, Inc.

Claims Administrator Contact Information:

FSA Settlement Claims Administrator
c/o Rust Consulting, Inc. – 7738
PO Box 2651
Faribault, MN 55021-9651

Tags: Employment Violations, FLSA, Unpaid Overtime