Mortgage Co. Must Arbitrate Loan Officers' Wage Claims

Law360, New York (September 6, 2013, 3:17 PM EDT) -- A California federal judge said Thursday that 70 Prospect Mortgage LLC commission-only loan officers accusing the residential mortgage lender of misclassifying them as exempt from federal wage requirements could arbitrate individually with the company even though they had previously joined a collective action.

U.S. District Judge Dolly M. Gee granted the employees a motion to compel individual arbitration, dismissing Prospect's arguments that the employees had waived their right to arbitration when they joined a previously-filed Fair Labor Standards Act collective action, Sliger et al. v. Prospect...
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