Bank of America Overtime Lawsuit: Loan Officers
Last Updated on June 26, 2017
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At A Glance
- This Alert Affects
- Bank of America loan officers who did not receive overtime after working 40 hours a week.
- Damages
- Bank of America loan officers who were wrongfully denied overtime pay may be able to make a claim for unpaid overtime wages, dating back two or three years, as well as an equal amount in liquidated damages. Attorneys' fees and costs are also available for recovery in an unpaid overtime lawsuit.
- Company(ies)
- Bank of America
- Additional Details
- Federal overtime law prohibits employers from retaliating against employees who exercise their legal rights.
- Date
- In January 2011, it was reported that a loan officer filed a Bank of America overtime lawsuit against his former employer, alleging that he and other mortgage loan officers were wrongfully denied overtime pay.
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.
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. 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.
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