Merrill Lynch $4.9 Million Unpaid Wages Settlement, Claim Deadline Is Closed Here Is When Payments Go Out

The Merrill Lynch $4.9 million settlement resolves a collective action lawsuit where eligible current and former Financial Solutions Advisors and trainees could receive a cash payment based on the number of weeks they worked during the covered period. The settlement was approved by the court on December 11, 2024. The April 1, 2025 claim deadline has now passed. If you submitted your form on time, here is what to expect next.

Settlement Quick Facts

Field	Detail
Settlement Amount	$4,900,000
Case Name	Grosch v. Merrill Lynch, Pierce, Fenner & Smith Inc., No. CACE24017277
Court	Circuit Court of the Seventeenth Judicial Circuit, Broward County, Florida
Claim Deadline	April 1, 2025 — CLOSED
Who Qualified	Former/current FSA Stage I, ADRP Trainees, ADRP FSAs — Dec. 11, 2021 to Dec. 11, 2024
Payout Per Person	Calculated by weeks worked — individual amounts vary
Proof Required	No — payment based on employment records
Settlement Status	Finally Approved — December 11, 2024
Settlement Administrator	CPT Group, Inc.
Administrator Contact	888-452-7974 / [email protected]
Last Updated	May 13, 2026

Current Status of the Merrill Lynch Settlement

• The court gave final approval on December 11, 2024.
• The claim form deadline was April 1, 2025 — it is now closed.
• Settlement checks are expected to be sent approximately five months after the claim deadline — meaning payments should go out around September 2026.
• If you submitted a consent form before April 1, 2025, your check is in processing. Contact CPT Group at 888-452-7974 to confirm receipt of your form.

What Is the Merrill Lynch Unpaid Wages Lawsuit About? Grosch v. Merrill Lynch, Pierce, Fenner & Smith Inc., No. CACE24017277

The lawsuit, filed under the Fair Labor Standards Act (FLSA), alleges that Merrill Lynch failed to pay overtime wages to certain employees. For Trainees and ADRP Financial Solutions Advisors, the claim is that they were required to work off the clock — including studying for FINRA licensing exams outside regular hours — without compensation. For FSA Stage I workers, the allegation is that Merrill Lynch improperly classified them as exempt from overtime pay.

The case was filed on December 3, 2024, in Broward County, Florida, by lead plaintiff Florence Grosch, a former Merrill FSA, after nearly a year of negotiation and mediation with the firm. This is not an isolated incident — if you want to understand how unpaid wages class action lawsuits work and what employees can recover, our guide breaks it down step by step.

This is not the first overtime claim Merrill has faced. In 2016, the firm paid $14 million to settle allegations involving 9,500 financial advisor trainees, and in 2019, it paid $550,000 to resolve claims from compliance personnel who worked overtime without pay. Merrill Lynch denies any wrongdoing but agreed to settle to avoid further litigation.

Who Qualified for the Merrill Lynch FLSA Settlement?

The settlement covered a specific group of Merrill Lynch workers. If you believe you were part of this class and missed the deadline, read the section below on your options.

You may have qualified if you:

• Worked as a Financial Solutions Advisor Stage I – Registration Candidate (Job Code BQ058)
• Worked as an ADRP Trainee (Job Code BQ249)
• Worked as an ADRP Financial Solutions Advisor (Job Code BQ250)
• Worked as a Financial Solutions Advisor Stage I (Job Code BQ223)
• Worked in any of those roles between December 11, 2021, and December 11, 2024

You likely did NOT qualify if you:

• Were a traditional commissioned Financial Advisor (not salaried)
• Worked in a role outside the listed job codes
• Were employed at Merrill Lynch only before December 11, 2021, or only after December 11, 2024

How Much Will Merrill Lynch Settlement Checks Be?

The settlement fund of $4.9 million is distributed among eligible class members based on the number of weeks worked in the covered positions during the settlement period.

Half of each payment is treated as wages and will generate a W-2 tax form. The other half is treated as non-wage compensation and will generate a 1099 tax form. You should plan for both tax documents when filing your 2026 taxes.

No single fixed payout amount exists — your specific share depends on how many weeks you worked and how many valid consent forms were ultimately filed. Class members should have received an estimated payment amount in their mailed notice. Actual payments may be higher or lower than those estimates based on the total number of consent forms filed.

If you were affected by a separate employment issue at another financial firm, our employment discrimination and wage theft settlement tracker lists currently open claims you may still be able to join.

Missed the Deadline? Here Are Your Options

The April 1, 2025 claim deadline is closed and no late filings are being accepted through the settlement administrator. However, you may still have legal options as a former Merrill Lynch employee.

• Consult an employment class action lawsuit attorney. If you believe you were owed overtime wages and did not receive notice of this settlement, a private attorney can review whether you have a separate individual claim under the FLSA.
• Check for a new or related case. Merrill Lynch has faced multiple overtime actions. A new case covering a different time period or job class may be filed in the future.
• Save your employment records. Pay stubs, offer letters, timesheets, and emails about working hours are critical evidence if you pursue an individual wage claim.

Merrill Lynch Settlement Timeline

Milestone	Date
Lawsuit Filed	December 3, 2024
Settlement Submitted to Court	December 2024
Final Approval Hearing	December 11, 2024
Claim Form Deadline	April 1, 2025 — CLOSED
Expected Payment Mailing	Approximately September 2026
Next Scheduled Hearing	TBD — no further hearings expected per court record

Frequently Asked Questions About the Merrill Lynch Settlement

Is there a class action lawsuit against Merrill Lynch? 

Yes. Grosch v. Merrill Lynch, Pierce, Fenner & Smith Inc., No. CACE24017277, was filed in Broward County, Florida, and received final court approval on December 11, 2024. The settlement is now in the payment distribution phase.

The claim deadline passed — can I still get money?

 No. The April 1, 2025 deadline is closed and the settlement administrator is not accepting late forms. If you believe you are owed wages independently, speak with a consumer rights lawyer or employment attorney about a separate FLSA claim.

When will I get my Merrill Lynch settlement check?

Checks are expected to be mailed approximately five months after the April 1, 2025 claim deadline — which puts the payment window around September 2026. Contact CPT Group at 888-452-7974 to confirm your form was received and processed.

Do I need a lawyer to receive my settlement payment? 

No. If you filed a valid consent form before April 1, 2025, your payment will be processed automatically by CPT Group. You do not need to hire anyone or pay any fee to receive your check.

Will this settlement payment affect my taxes? 

Yes. Half of your payment will appear on a W-2 as wages. The other half will appear on a 1099 as non-wage income. Both are taxable. Speak with a tax professional if you need help reporting the payment on your 2026 return.

Is this settlement legitimate? 

Yes. A Florida state judge approved the settlement, which was described in court filings as a fair, adequate, and reasonable compromise. CPT Group, Inc. in Irvine, California is the official court-appointed administrator.

Can I file my own lawsuit against Merrill Lynch instead? 

Current and former Merrill Lynch FSAs who met the eligibility requirements had the option to opt out and pursue individual claims independently. That opt-out window has now passed. If you are considering an individual action, consult an employment discrimination attorney to discuss the FLSA statute of limitations, which is typically two to three years from the alleged violation.

How do I confirm CPT Group received my consent form?

 Call CPT Group directly at 888-452-7974 or email [email protected]. Reference case Grosch v. Merrill Lynch, No. CACE24017277, and have your name and employment dates ready.

Sources & References

• Grosch v. Merrill Lynch, Pierce, Fenner & Smith Inc., No. CACE24017277, Circuit Court of the Seventeenth Judicial Circuit, Broward County, Florida
• AdvisorHub: Merrill to Pay $4.9 Million to Settle Overtime Suit From Salaried Advisors, Trainees (December 2024)
• CPT Group, Inc. — Official Settlement Administrator: 888-452-7974

Prepared by the AllAboutLawyer.com Editorial Team and reviewed for factual accuracy against official court records and the settlement administrator’s published case information. Last Updated: May 13, 2026

Disclaimer: This article is for informational purposes only and does not constitute legal advice. Legal claims and outcomes depend on specific facts and applicable law. For advice regarding a particular situation, consult a qualified attorney.