First Residential, Bankers Settle FLSA Action

Law360, New York (January 13, 2010, 12:47 PM EST) -- Following a failed attempt to certify an opt-in class, former loan advisers of First Residential Mortgage Network Inc. have settled their Fair Labor Standards Act claims against the lender, which they had accused of failing to pay employees overtime wages.

On Tuesday the seven named plaintiffs and nearly 80 other aggrieved bankers who had desired to opt in to the suit teamed with defendant First Residential and Jordan and Saul Pohn, the bank’s owners, to ask Judge John Heyburn II of the U.S. District Court for...
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