Loan Officers Sue American Equity Mortgage Over OT

Law360, New York (February 7, 2008, 12:00 AM EST) -- National home loan lender American Equity Mortgage Inc. has been hit with a collective action for classifying its loan officers as exempt from receiving overtime wages.

Loan officers Richard Arneson, Morris Wilson and Nicholas Steiner filed the lawsuit against American Equity on Wednesday in the U.S. District Court for the District of Minnesota. The plaintiffs claim American Equity violated the Fair Labor Standards Act as well as state wage-and-hour laws that entitle workers to be paid overtime.

“Defendant knew, or showed reckless disregard for the fact,...
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