SunTrust Pays $2.4M To End Underwriters' OT Suit

Law360, New York (April 6, 2012, 4:47 PM EDT) -- SunTrust Banks Inc.'s mortgage unit said on Thursday that it would pay $2.4 million to settle the claims of a nationwide class of mortgage underwriters who accused the bank of denying them overtime pay.

The agreement resolves a lawsuit filed in California federal court that accused SunTrust Mortgage Inc. of improperly classifying 122 underwriters as exempt from overtime, in violation of the Fair Labor Standards Act.

In a joint motion to approve the settlement, the parties said they reached the monetary figured by using a formula...
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