PrimeLending Loan Officers Sue For Overtime Pay

Law360, New York (November 4, 2010, 5:40 PM EDT) -- Mortgage lender PrimeLending is facing a putative collective action from loan officers who say they were denied overtime pay until May 2010.

In a complaint filed Tuesday in the U.S. District Court for the Northern District of Illinois, Gino Scola, a loan officer who worked in PrimeLending's Schaumburg and Lincolnshire, Ill., offices claims that the mortgage lender misclassified workers as exempt from Fair Labor Standards Act protections until May 2010.

At that point, PrimeLending reclassified the loan officers as nonexempt, the complaint says.

Loan officers routinely...
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.