Mortgage Co.'s Retail Exemption Appeal Turned Down

Law360, New York (September 7, 2007, 12:00 AM EDT) -- A federal appeals court has rejected Ace Mortgage Funding Inc.'s argument that it doesn't have to comply with the overtime pay requirements of the Fair Labor Standards Act because it is a retail or service establishment, marking the latest development in a series of attempts by financial services companies to convince judges that the FLSA doesn't apply to mortgage brokers.

On Thursday, the U.S. Court of Appeals for the Eighth Circuit issued a brief judgment turning down Ace Mortgage's appeal bid, which arose from a collective...
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