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Bank of America Corp. and its Merrill Lynch unit will pay $14 million to settle lawsuits claiming they forced financial adviser trainees to work 60 hours and more per week, including on weekends, without paying them overtime.The settlement filed Tuesday night in federal court in Manhattan resolves proposed class-action claims that the second-largest U.S. bank violated the rights of roughly 9,500 trainees who worked for several weeks or months in its Practice Management Development program.The judge in that case rejected a proposed $5 million settlement last April, in part because the accord would have also covered claims arising from class members' subsequent employment as financial advisers.
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