JPMorgan To Settle Underwriter OT Suit For $42M

Law360, New York (July 15, 2011, 3:08 PM EDT) -- JPMorgan Chase & Co. asked a New York federal judge on Thursday to grant final approval to a $42 million settlement resolving a class action challenging the bank’s classification of its loan underwriters as exempt from overtime pay requirements.

The financial giant and counsel for the putative class of loan underwriters filed a joint motion seeking final approval for the deal, which won preliminary approval in April, saying that more than 3,000 individuals had opted in to the settlement.

The dispute resolved by the settlement dates back to October 2001, when the plaintiffs lodged a class and collective action alleging that...

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