Overtime lawsuit settlement letter
I just received my Banc of America Investments Settlement offer. It works out to $170/month for California and $85/month for everywhere else (10 months at BAC = $850). This is not bad for basically doing nothing. Hopefully, this doesn’t get too much play in the media. It makes brokers sound like a bunch of whining babies.
So essentially you’re admitting that you only survived for 10 months at BAC and did nothing during that time?
Funny. 10 months was an example for those that needed help with the math. I did nothing to be part of the class action.
got mine also friday. I’m due about $3,300. That made my weekend knowing that. settlement paperwork is going in the mail today. Certified!
when did you have to work there?
recieved my letter on Sat, not sure if elogibleI worked for them about 36 mths. If you got the documents you qualify for the claim. The yellow documents state how many months you worked for BOA.
Heard if you are still there it’s best not to take part.
that's up to you.
Why would it matter if someone is stilll there? I can’t imagine a bank as large as B of A would want to bother a rep with a small payout.
Your name will be on a court document in which you are suing your current employer. They don't care if it's for a dime, you are suing while you work there.
I know of a rep who is in a class action suit as we speak and he is still employed by boa.
[quote=badmove?]when did you have to work there?
recieved my letter on Sat, not sure if elogible[/quote]Crazy idea, but maybe you should read the letter and any supporting documentation?
Oh no, it makes far more sense to rely upon the advice of anonymous strangers.....
I am only letting you know what I heard. If you have a good relationship with your manager, ask them what they think of the suit and maybe they will give you some insight.
When you are too damn cheap to pay mileage and basic expenses you get your arse handed to you in a very public class action. There will be more to come…for these arrogant mongrelz
Ez: And dont forget the dozens of on going fraud cases that are in arbitration against BAI
I've been there for 5+ years. I didn't get a letter - I wonder if I can copy someone elses?
Which is fantastic because there is a finite pool of money that has to be paid out in the settlement regardless how many people make a claim. The less people making claims means more money for those that are able to file a claim.
"Oh green dollars keep on rollin'---sung to the tune of Doobie Bros..I have a friend that is a pretty high up attorney with BOA. He told me existing FAs with BOA best not file a claim. His legal dept. will keep a list of claiments if managers wanted to know which existing employees file. Just my 2 cents from the hourses mouth.
horses mouth!
Gee...what a shock that a bank would use intimidation tactics such as this against it's overpaid investment advisors... If they're stupid enough to retaliate against employees filing claims that have been approved by the legal system (whether or not we all agree with the entire overtime concept), they deserve another class action suit for doing so. Exhibit #206 on why I no longer work for a bank.I have a friend that is a pretty high up attorney with BOA. He told me existing FAs with BOA best not file a claim. His legal dept. will keep a list of claiments if managers wanted to know which existing employees file. Just my 2 cents from the horses mouth.
I’m with CITI, and I filed the claim. If they have a problem with it, and try to intimidate me, that would be a whole 'nother lawsuit!
[quote=ezmoney]I have a friend that is a pretty high up attorney with BOA. He told me existing FAs with BOA best not file a claim. His legal dept. will keep a list of claiments if managers wanted to know which existing employees file. Just my 2 cents from the hourses mouth.[/quote] Are you out of your mind…
This is a total lie, NO attorney would say a thing..lawsuit would be times 1000 if employee got canned after participating in the class. It in fact would give better job security against getting fired.They are not concerned with people who are not there anymore nor with intimidating them. That’s not the point. And I don’t believe they would fire anyone who would file although I would check the employment agreement you signed when you joined. They will keep a list of anyone who takes part while they are employed and some managers will store it in their memory. This is a power move. They will use this in a political fashion within the office. Their only risk is that they are not subtle about it. Don’t bite the hand that feeds you, and BOA clearly thinks they feed you.
o.k then, go ahead and file the claim. I’m sure the little money is worth potentially losing your job and book of biz.
They CAN NOT fire you for participating! Don’t take it, more for me.
Think about it - management cant even pull it together enough to align CM and FA comp - Do you honestly think that they would feel that there would be some business merit in keeping track of who got their share of a settlement they are going to pay anyway?
My manager told me that anyone who doesn't file would be an idiot for leaving the $ out there...Does anybody still have the paperwork. I think my wife pitched mine. Anybody remember what lawyer’s office it came from?
nothing like throwing away a couple thousand dollars.
[quote=southcampus]Does anybody still have the paperwork. I think my wife pitched mine. Anybody remember what lawyer’s office it came from?[/quote]
Are you always stupid, or were you just having a bad day when you left the paperwork sitting around in a random pile?
I have copies, but I’m not gonna share with someone who wouldn’t guard it with their life. I believe I’d punch my wife in the nose for that move! Happy holidays! btw, I’m sure one of your coworkers or ex-coworkers can get you the information. Now go home and punch your wife in the nose.
There is an 800 # on the paperwork. Ask someone for the #. I heard you can actually file over the phone.Does anybody still have the paperwork. I think my wife pitched mine. Anybody remember what lawyer’s office it came from?
Got my check over the weekend. It was even larger than what I had calculated using their formula (an extra 60%). They also issued a W-2 and 1099 for parts of the settlement.
got my check last Friday. A nice little $5500 payday. Looks like very few of those chicken sheet BAC employess didn’t make a claim. Too stupid to leave also.
Anybody know anything about the Smith Barney checks?
I checked the website and the BAC settlement was approved on March 24th, the SB settlement was approved before that, on March 13th. But still no SB checks, as far as I know.On the attorneys website, an update was just posted. I’ve pasted it below:
Citigroup (Smith Barney) (5-21-08) Nationwide
On March 13, 2008, the court gave final approval to this nationwide settlement. Settlement checks should be mailed by the end of June.
Source URL:https://www.wealthmanagement.com/forums/whats-firms/overtime-lawsuit-settlement-letter