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Delta Financial Denied FLSA Retail Exemption

Law360 (March 23, 2007, 12:00 AM EDT) -- Financial organizations cannot claim a Fair Labor Standards Act exemption from paying overtime to a class of mortgage analysts and loan officers as retail or service establishments, a magistrate judge has told a district court.

Magistrate Judge Lisa Pupo Lenihan recommended on March 20 that summary judgment be refused Delta Financial Corp., which owns Fidelity Mortgage Inc., because the Supreme Court, circuit courts and the Department of Labor have classified financial industry companies as enterprises outside the scope of the retail or service enterprise exemption....
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