Suit Says HSBC Misclassified Loan Officers

Law360, New York (May 9, 2007, 12:00 AM EDT) -- A recently filed, putative class and collective action lawsuit accuses HSBC Mortgage Corp. of violating state and federal employment laws by failing to pay proper overtime compensation to its loan officers and retaliating against an employee who complained about the alleged misconduct.

The lawsuit, filed Monday in San Francisco, names HSBC Mortgage Corp., HSBC Bank USA, HSBC Holdings Inc. and 50 unidentified individuals as defendants.

The suit seeks relief on behalf of retail mortgage lending consultants, senior retail mortgage lending consultants and other non-management mortgage sales...
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