ECC Workers, Bear Stearns Settle OT Action For $1.4M

Law360, New York (October 27, 2009, 1:33 PM EDT) -- Account executives at a former ECC Capital Corp. unit sold to Bear Stearns Residential Mortgage Corp. in 2007 have struck a deal over allegations that the companies violated federal overtime pay requirements, reaching two settlements worth up to almost $1.4 million.

In two motions for preliminary approval of the settlements filed Monday in the U.S. District Court for the Central District of California, the parties seek class certification on the claims that the two companies violated the Fair Labor Standards Act and California labor laws by...
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