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TD Bank Reaches $9.9M Unpaid Overtime Class Action Settlement

This is a settlement for the Employment lawsuit.

Los Angeles, CA: A tentative $9.9 million settlement has been reached in an unpaid wages and overtime class action lawsuit pending against TD Bank NA. The class and collective action claims that the bank failed to pay assistant store managers overtime wages.

The settlement fund includes service payments, attorneys' fees and costs and other expenses. There are an estimated 2,600 class members according to the court documents.

The lawsuit, filed in February, 2013, with two subsequently amended complaints, alleges TD Bank misclassified its managers as exempt from federal and state overtime requirements, in violation of the federal Fair Labor Standards Act (FLSA) and New York, New Jersey and Pennsylvania wage-and-hour laws. The plaintiffs alleged that despite being classified as "managers"they performed nonexempt, nonmanagerial duties, including serving as bank tellers, counting money in the vault and opening and closing branches.

There are two groups of eligible employees: first, the Rule 23 class consisting of three subclasses of current and former TD Bank assistant store managers employed by the bank in New York, New Jersey and Pennsylvania during the period spanning from February 4, 2007, to the court's entry of the preliminary approval order. Second, there is the FLSA class, which includes all current and former assistant store managers who have worked for TD Bank from March 14, 2011, until the entry of the order, according to court papers.

The estimated award for each class member is about $2,791. The settlement amount represents about 86 percent of the class's lost wages. A dozen plaintiffs will seek approval for service awards ranging from $7,000 to $15,000, according to court papers. The case is Michael Puglisi et al. v. TD Bank NA, case number 2:13-cv-00637, in the U.S. District Court for the Eastern District of New York.

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Published on Aug-25-14


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