Mortgage Lender Settles 25 Overtime Lawsuits

Law360, New York (April 17, 2007, 12:00 AM EDT) -- Home mortgage lender Oak Street Mortgage has agreed to pay $2.45 million to settle a slew of lawsuits by loan officers who claimed they were cheated out of overtime pay.

Several of the 25 lawsuits involving about 193 plaintiffs have been transferred to the Middle District of Florida for more efficient approval and allocation of the settlement through one court.

Under terms of the proposed settlement, the plaintiffs will release all Federal Fair Labor Standards Act and other wage-and-hour claims against Oak Street, which will dismiss...
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