Judge Nixes WaMu Workers' FLSA Action V. JPMorgan

Law360, New York (December 16, 2010, 4:49 PM EST) -- A federal judge has ruled that former underwriter employees for defunct Washington Mutual Inc. can't sue the collapsed bank's parent company JPMorgan Chase & Co. over wage-and-hour violations in a putative class action because they failed to follow special procedures for suits against failed institutions.

The former workers had not exhausted the administrative remedies in actions against failed institutions like WaMu as required by the Financial Institutions Reform, Recovery and Enforcement Act, according to Judge Joseph F. Bianco of the U.S. District Court for the Eastern...
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