Ill. Loan Officers Seek Final OK Of $5M Deal In Wage Suit

Law360 (October 18, 2019, 7:37 PM EDT) -- A class of loan officers from American Bank and Trust's mortgage division has asked an Illinois federal judge Thursday for a final signoff on a $5 million deal to settle their wage and hour suit with the bank.

All 93 members of the class have been notified of the agreement since its preliminary approval in September, and no objections have been raised, named plaintiffs Marc Kramer, Kiril Trajcevski and Matt Nyman told the court. Each member is expected to receive an average payout of $28,557, or approximately 80% of their damages, they said.

The settlement comes after eight years of "hard-fought"...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!