BoA Seeks to Settle Overtime Suit

October 10, 2001( Denying any wrongdoing, Bank of America agreed to a $22 million settlement in four lawsuits brought by personal bankers who alleged they were cheated out of overtime pay.

About 6,000 personal bankers employed at California outlets since July 1997 could be eligible for a piece of the settlement, which must still be approved by the judge, according to a report in the LA Times, citing lawyers for the personal bankers.

The payouts could range from a small amount to as much as $20,000, depending on how many current and former employees avail themselves of the settlement and their length of employment at the bank.

At issue was the amount of time the personal bankers spent in a professional or managerial role, which would make them exempt from California’s overtime pay laws, which requires that workers be paid a premium for working more than eight hours per day.

Managers, professionals and administrators are exempt from such requirements provided that they spend at least half their time on managerial or professional work.

A number similar lawsuits already are pending against employers in California.