JPMorgan Pays $16M To Settle Bankers' OT Class Action

Law360, Los Angeles (March 25, 2014, 6:56 PM EDT) -- JPMorgan Chase & Co. has agreed to pay $16 million to settle a proposed class and collective action alleging it failed to pay its business bankers overtime, according to documents filed in New York federal court on Tuesday.

The business bankers asked a judge for preliminary approval of the deal with JPMorgan and subsidiary JPMorgan Chase Bank NA, which would resolve their long-running wage-and-hour suit against the financial services giant. Attorneys for the plaintiffs will apply for up to one-third of the settlement sum as attorneys'...
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