Judge Maxine Chesney has given preliminary approval to the $37 million overtime settlement in the Merrill Lynch case we discussed here last month. Stock brokers working at Merrill Lynch in California alleged that they were not paid for work beyond 40 hours each week, even though they are not exempt from overtime pay under state and federal standards. Merrill Lynch denies any wrongdoing, but offers 37 million apologies to its overworked brokers.
In giving its approval, the District Court required changes to some of the language in the notice to the class members. A final fairness hearing is set for February 2006.
If you are a member of the class and you have any questions, don't call us. We didn't work on this case. Call class counsel Mark Thierman, whose contact information can be found here.