$6M Settlement Reached in BoFA Class Action Lawsuit

In fact, a settlement of $6 million is reached in the class action filed against the Bank of America (BoFA). Thus, BoFA class action accused the bank of violating California overtime and labor laws. That’s to say, the suit stated that BoFA didn’t provide its employees with one hour of meal break premium pay. It occurred on the days when the employees didn’t have the opportunity of starting their lunch breaks prior to the fifth hour of their shifts. In case of the approval, the settlement will end all the allegations mentioned in the BoFA class action lawsuit.

The plaintiff who filed the BoFA class action is Anton Belevich, who used to work at BoFA as a personal banker. It occurred in 2015. According to the California law, employers must provide their employees with a 30-minute off-duty meal break. They should do this during the first five hours of a worker’s shift. In case employers fail to give the employees this opportunity, they must provide workers with one hour of premium pay.

Details

Actually, the court documents note that personal bankers, as well as relationship managers, had over 381 000 lunch breaks. This happened after the fifth hour of these employees’ shifts within the class period. According to the proposed settlement, taking into account $19.97 average hourly rate, BoFA’s exposure may be more than $7.6 million. It is also true that taking into account other class action lawsuits that have much in common with this one, the ultimate settlement may become $5.4 million.

The settlement of the BoFA class action involves about 7310 personal bankers. It’s worth noting that later on, personal bankers turned into relationship managers. That’s to say, in this case only the title changed. The settlement refers to those personal bankers/ relationship managers who used to work for the Bank of America between September 21, 2011 and December 31, 2016.
In case of approval, the plaintiff will get a reward of $10,000. In addition to that, Belevich will receive an expense reimbursement as well.

About Bank of America (BoFA)

The headquarters of Bank of America, known as BoFA is in Charlotte, North Carolina. It offers banking, as well as financial services. BoFA is  the second-largest bank in the U.S. by assets. Furthermore, this bank is the 26th largest company in the U.S. by total revenue.  It is true that Bank of America faced a lot of lawsuits concerning mortgages and financial disclosures.

 

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