Denied Overtime as a US Bank Underwriter?
Last Updated on January 11, 2022
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At A Glance
- This Alert Affects
- US Bank underwriters who were denied overtime pay after working more than 40 hours a week.
- Damages
- Underwriters who were wrongfully denied overtime pay may be able to seek compensation for up to twice the amount of overtime wages owed to them, dating back two to three years. Compensation for attorneys' fees and costs is also available in an underwriter overtime lawsuit.
- Company(ies)
- US Bank
- Additional Details
- Underwriters belong to a group of employees who are improperly classified as "exempt" workers, or those who are ineligible to receive overtime pay. As a result of the misclassification, underwriters may be able to file a claim for unpaid overtime wages.
- Date
- Loan underwriters who were wrongfully denied overtime pay may be able to file a claim for two years of unpaid overtime, or three years if the employer's violations were intentional.
US Bank Underwriters: If you have worked more than 40 hours a week without overtime, you may have legal recourse to seek compensation for up to three years of back overtime pay. It has been alleged that certain banks have been misclassifying loan underwriters as ineligible to receive overtime pay, therefore denying them the time-and-a-half pay to which they are entitled. Because underwriters are generally entitled to overtime pay, those who have been denied this additional compensation may be able to file a claim against their employer. Loan underwriters who elect to take legal action stand to receive up to twice the amount of time-and-a-half wages originally owed to them, and are protected by federal overtime law against retaliation from their employer.
Underwriter Overtime Lawsuits
While US Bank has not been named in any underwriter overtime lawsuit, several other financial companies have faced legal action after they misclassified their loan underwriters as “exempt,” or ineligible for overtime wages. Loan underwriters are among the employees who are commonly misclassified – meaning their employer has wrongfully categorized them into one of the three major groups of employees who are ineligible for overtime pay. Often, underwriters are misclassified as "administrative" workers. One underwriter overtime lawsuit found that underwriters are not administrators, but rather employees performing production work relating to loan sales.
Claims for Unpaid Overtime: Loan Underwriters
If you are a loan underwriter and you have been denied overtime pay, you may be able to make a claim for back wages. Through an underwriter overtime lawsuit, you may be able to recover two to three years' worth of unpaid overtime, as well as an equal amount in liquidated damages. In other words, if a loan underwriter recovers $4000 in unpaid overtime wages, they may also be entitled to an additional $4000, bringing their total recovery to $8000.
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