Bank of America Corp. and its Merrill Lynch unit will pay $14 million to settle lawsuits claiming that the companies forced financial adviser trainees to work 60 hours and more per week, including on weekends, without paying them overtime, Reuters reported.

The settlement filed on 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 nationwide who worked for several weeks or months in its Practice Management Development program.

The plaintiffs claimed that Merrill regularly required them to work 10- to 14-hour days, attend client functions and work on weekends.

They said the work was necessary because Merrill expected them to generate client leads, but that the failure to pay for their extra time violated the federal Fair Labor Standards Act.

The accord provides about $1,000 per class member, after legal fees. The plaintiffs' law firms, Outten & Golden and Shavitz Law Group, plan to seek $4.67 million in fees, or one-third of the settlement amount, court papers show.

Bank of America spokesman Bill Halldin declined to comment on the settlement. The accord requires court approval.