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Mortgage Lender Resolves FLSA Suit For $14M

Law360 (August 9, 2007, 12:00 AM EDT) -- The mortgage unit of Friedman, Billings, Ramsay Group Inc. has paid $14 million to settle two putative class actions brought by employees who claimed they were denied overtime wages and meal breaks in violation of federal labor laws.

The Arlington, Va. investment bank announced the settlement in its annual filing with the U.S. Securities and Exchange Commission Thursday, adding that the deal between employees and its First NLC Financial Services division was subject to final approval from the U.S. District Court for the Northern District of...
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