First Residential Wins Bid To Decertify FLSA Action

Law360, New York (July 17, 2009, 12:42 PM EDT) -- A federal judge has decertified a collective overtime action brought by former loan advisers of First Residential Mortgage Network Inc., finding that the lender did not have a companywide policy requiring the bankers to work more than 40 hours a week without compensation, as they claim.

Judge John Heyburn II of the U.S. District Court for the Western District of Kentucky ruled Wednesday that the seven named plaintiffs and the 78 additional bankers who sought to opt-in to the action under the Fair Labor Standards Act...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.