Bank of America Settles for $12.8M with Former Merrill Lynch Employees
Posted: Thu Sep 08, 2016 10:27 am
Bank of America (NYSE:BAC) has agreed to pay a total sum of $12.8 million, following a string of claims made by hundreds of former employees regarding the bank’s failure to provide adequate compensation, according to a Reuters report.
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The period in question dates back to 2008 when Bank of America merged with Merrill Lynch, resulting in a wide array of personnel shakeups. This included several hundred firings, prompting an investigation into whether proper procedures were followed for the ex-employees. More than eight years later however, a ... (read more)