Bank of America Overtime Lawsuit: Loan Officers
Bank of America Overtime Lawsuit Loan Officers
Bank of America Loan Officers: If you were denied overtime pay, you may have legal recourse to seek compensation for back wages. Loan officers are commonly, and incorrectly, classified into a group of employees who are ineligible to collect overtime, and are therefore denied the time-and-a-half compensation to which they are entitled. In fact, a 2011 Bank of America overtime lawsuit claims that the company misclassified its mortgage loan officers as exempt from overtime wages to avoid paying them this additional compensation.
If you were denied overtime pay as a Bank of America loan officer, you may be able to make a claim to recover up to three years of unpaid overtime. To find out if you are eligible, complete our free, no obligation case review form today.
Bank of America Overtime Pay Lawsuit
In January 2011, it was reported that a former mortgage loan officer filed a Bank of America overtime lawsuit alleging that the financial establishment improperly failed to pay him and other loan officers overtime wages. According to the Bank of America overtime pay lawsuit, the company intentionally misclassified its mortgage loan officers as ineligible for overtime pay to avoid paying them time-and-a-half wages and failed to track the officers' number of hours worked per week. The suit was filed less than a year after the Department of Labor declared that mortgage loan officers do not qualify for the administrative exemption, which would make them ineligible for overtime pay, and therefore should be paid one-and-a-half times their regular rate when working more than 40 hours in a single workweek.
Unpaid Overtime Claims: Loan Officers
If you are working or have worked as a Bank of America loan officer and were not provided overtime pay for your extra hours, you may be able to file a claim to seek compensation for your unpaid overtime. Under federal law, loan officers and other employees who exercise their legal rights cannot be fired, demoted or otherwise retaliated against for filing a claim. To learn more about the options which may be available to Bank of America loan officers denied overtime, fill out our no cost case evaluation form today. Employees who are wrongfully denied overtime pay may be able to recover up to twice the amount of overtime wages originally owed to them, dating back two to three years. There is a time limit, however, for filing all unpaid overtime claims, and loan officers could be barred from ever seeking back wages if they fail to act within this window.