Mortgage Co. Slams Class Arbitration Order At 7th Circ.

By Diana Novak Jones (May 29, 2018, 5:42 PM EDT) -- Waterstone Mortgage Corp. asked the Seventh Circuit to reverse an arbitrator's $10.5 million award in an overtime suit filed by Waterstone loan originators, arguing Tuesday that a federal judge improperly ordered the dispute be resolved in class arbitration.

The lending company told the three-judge panel during oral arguments that in the face of the loan originators' agreements to arbitrate any wage disputes with their employer, the Wisconsin federal judge overseeing the case was wrong to instruct the arbitrator to allow the lead plaintiff to join other loan originators to her case, because doing so ignored the language of the agreement....

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