{"id":2948,"date":"2025-02-27T07:14:51","date_gmt":"2025-02-27T07:14:51","guid":{"rendered":"https:\/\/www.soscip.org\/us\/?p=2948"},"modified":"2025-02-27T07:14:52","modified_gmt":"2025-02-27T07:14:52","slug":"4-9m-merrill-lynch-unpaid-wages-settlement","status":"publish","type":"post","link":"https:\/\/www.soscip.org\/us\/4-9m-merrill-lynch-unpaid-wages-settlement\/","title":{"rendered":"$4.9M Merrill Lynch Unpaid Wages Settlement: Who Qualifies &amp; How to Claim Your Payout"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Merrill Lynch Class Action Settlement Overview<\/strong> Merrill Lynch has agreed to a <strong><a href=\"https:\/\/www.soscip.org\/us\/4-9m-merrill-lynch-unpaid-wages-settlement\/\" data-type=\"link\" data-id=\"https:\/\/www.soscip.org\/us\/4-9m-merrill-lynch-unpaid-wages-settlement\/\">$4.9 million settlement<\/a><\/strong> to resolve claims that it failed to properly compensate financial advisors and trainees, including unpaid wages and overtime violations. If you worked as a <strong>Financial Solutions Advisor Stage I \u2013 Registration Candidate, ADRP Trainee, ADRP Financial Solutions Advisor, or Financial Solutions Advisor Stage I<\/strong> between <strong>December 11, 2021, and December 11, 2024<\/strong>, you may be eligible for compensation.<\/p>\n\n\n\n<div class=\"wp-block-rank-math-toc-block\" id=\"rank-math-toc\"><h2>Table of Contents<\/h2><nav><ul><li><a href=\"#who-is-eligible-for-the-merrill-lynch-settlement\">Who Is Eligible for the Merrill Lynch Settlement?<\/a><\/li><li><a href=\"#how-much-can-you-receive\">How Much Can You Receive?<\/a><\/li><li><a href=\"#how-to-file-a-claim\">How to File a Claim<\/a><\/li><li><a href=\"#key-dates-case-information\">Key Dates &amp; Case Information<\/a><\/li><li><a href=\"#settlement-administrator-contact-information\">Settlement Administrator Contact Information<\/a><\/li><li><a href=\"#legal-representation\">Legal Representation<\/a><\/li><li><a href=\"#final-thoughts-why-this-settlement-matters\">Final Thoughts: Why This Settlement Matters<\/a><\/li><\/ul><\/nav><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">The lawsuit alleged that Merrill Lynch <strong>required trainees to work off the clock<\/strong> and study for licensing exams outside of working hours without compensation. Additionally, <strong>Financial Solutions Advisors were allegedly misclassified<\/strong> as exempt from overtime wages, leading to unpaid overtime claims for employees who worked more than <strong>40 hours per week<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While Merrill Lynch <strong>denies any wrongdoing<\/strong>, the company has agreed to settle the claims to avoid further litigation.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.soscip.org\/us\/cash-app-ordered-to-pay-175-million-in-refunds\/\" data-type=\"post\" data-id=\"2878\">Cash App Ordered to Pay $175 Million in Refunds: How Illinois Users Can Claim Their Share<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.soscip.org\/us\/bcbs-settlement-payout-2025\/\" data-type=\"post\" data-id=\"2078\">BCBS Settlement Payout 2025: When and How You\u2019ll Get Your Payment<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.soscip.org\/us\/minnesota-reaches-109m-settlement-over-property\/\" data-type=\"post\" data-id=\"2831\">Minnesota Reaches $109M Settlement Over Property Tax Forfeiture \u2013 Are You Eligible?<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.soscip.org\/us\/cold-virus-settlement-zicam-6-million-payout\/\" data-type=\"post\" data-id=\"2744\">Cold Virus Settlement: Zicam Agrees to $6 Million Payout Over False Advertising Claims<\/a><\/p>\n<\/blockquote>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"who-is-eligible-for-the-merrill-lynch-settlement\"><strong>Who Is Eligible for the Merrill Lynch Settlement?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">This class action settlement benefits <strong>current and former Merrill Lynch employees<\/strong> who worked in the following positions between December 11, 2021, and December 11, 2024:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Financial Solutions Advisor Stage I \u2013 Registration Candidates<\/strong> (Job Code BQ058)<\/li>\n\n\n\n<li><strong>ADRP Trainees<\/strong> (Job Code BQ249)<\/li>\n\n\n\n<li><strong>ADRP Financial Solutions Advisors<\/strong> (Job Code BQ250)<\/li>\n\n\n\n<li><strong>Financial Solutions Advisors Stage I<\/strong> (Job Code BQ223)<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">If you held any of these roles during the eligible period, you <strong>may qualify for a payout<\/strong>.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.soscip.org\/us\/americans-5000-it-data-breach-settlement\/\" data-type=\"post\" data-id=\"2910\">Americans Could Receive Up to $5,000 in IT Data Breach Settlement \u2013 Here\u2019s How to Claim Your Share<\/a><\/p>\n<\/blockquote>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"how-much-can-you-receive\"><strong>How Much Can You Receive?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Class members will receive a <strong>cash payment based on the number of weeks they worked<\/strong> during the settlement period. The exact payout amount has not been disclosed, but eligible members <strong>should have received an estimated payment amount in their mailed notice<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The final payout could be <strong>higher or lower<\/strong> than the initial estimate depending on the total number of claims submitted.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Tax Treatment of Payments:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>50% of the settlement payment<\/strong> will be classified as wages and reported on a <strong>W-2 tax form<\/strong>.<\/li>\n\n\n\n<li><strong>The remaining 50%<\/strong> will be considered non-wage compensation and reported on a <strong>1099 tax form<\/strong>.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"how-to-file-a-claim\"><strong>How to File a Claim<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">To receive a payment, eligible class members <strong>must submit a valid consent form<\/strong> by <strong>April 1, 2025<\/strong>.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Follow These Steps to File Your Claim:<\/strong><\/h4>\n\n\n\n<ol start=\"1\" class=\"wp-block-list\">\n<li>Visit the <strong>official settlement website<\/strong>: ADRP-FLSASettlement.com<\/li>\n\n\n\n<li>Complete the <strong>consent form<\/strong> with the required information.<\/li>\n\n\n\n<li>Submit the form <strong>before the April 1, 2025 deadline<\/strong>.<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">There is <strong>no exclusion or objection deadline<\/strong>, meaning you <strong>cannot opt-out<\/strong> or object to the settlement terms.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"key-dates-case-information\"><strong>Key Dates &amp; Case Information<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Final Approval Hearing:<\/strong> December 11, 2024<\/li>\n\n\n\n<li><strong>Claim Form Deadline:<\/strong> April 1, 2025<\/li>\n\n\n\n<li><strong>Case Name:<\/strong> <em>Grosch v. Merrill Lynch Pierce Fenner &amp; Smith Inc.<\/em>, Case No. CACE24017277, in the Circuit Court of the Seventeenth Judicial Circuit in and for Broward County, Florida<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"settlement-administrator-contact-information\"><strong>Settlement Administrator Contact Information<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">For assistance with your claim, contact the <strong>Settlement Administrator<\/strong>:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Grosch v. Merrill Lynch Settlement<\/strong><br>c\/o CPT Group, Inc.<br>50 Corporate Park<br>Irvine, CA 92606<br>Email: ADRP-FLSASettlement@cptgroup.com<br>Phone: <strong>888-452-7974<\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"legal-representation\"><strong>Legal Representation<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Class Counsel:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Gregg I. Shavitz<\/li>\n\n\n\n<li>Paolo Meireles<\/li>\n\n\n\n<li><strong>Shavitz Law Group PA<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Defense Counsel:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Elena D. Marcus<\/li>\n\n\n\n<li>Rebecca W. Lineberry<\/li>\n\n\n\n<li><strong>McGuire Woods LLP<\/strong><\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"final-thoughts-why-this-settlement-matters\"><strong>Final Thoughts: Why This Settlement Matters<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">This <strong>$4.9 million settlement<\/strong> is a significant victory for Merrill Lynch employees who were denied proper wages and overtime pay. If you are eligible, <strong>filing a claim ensures you receive the compensation you deserve<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Don\u2019t miss out! Submit your consent form before April 1, 2025, to secure your payment.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 \u2013 Registration Candidate, ADRP Trainee, ADRP Financial Solutions Advisor, or Financial&nbsp;<a class=\"read-more\" href=\"https:\/\/www.soscip.org\/us\/4-9m-merrill-lynch-unpaid-wages-settlement\/\">Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":2953,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2948","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/posts\/2948","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/comments?post=2948"}],"version-history":[{"count":4,"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/posts\/2948\/revisions"}],"predecessor-version":[{"id":2952,"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/posts\/2948\/revisions\/2952"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/media\/2953"}],"wp:attachment":[{"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/media?parent=2948"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/categories?post=2948"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.soscip.org\/us\/wp-json\/wp\/v2\/tags?post=2948"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}