JPMorgan Settles WaMu Loan Underwriters' OT Action

Law360, New York (May 2, 2011, 1:52 PM EDT) -- A federal judge preliminarily approved a settlement Friday in an overtime suit between JPMorgan Chase & Co. and a class of Washington Mutual Bank loan underwriters in California.

U.S. District Judge Anthony J. Battaglia preliminarily signed off on the $463,000 settlement, which resolves the loan underwriters' claims that WaMu misclassified them as exempt from the overtime pay requirements of California's labor laws and the Fair Labor Standards Act.

The plaintiffs worked for WaMu. The Federal Deposit Insurance Corp. took WaMu into receivorship and then sold certain...
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