Capital One Pays $3.2M To End Underwriters' OT Suit

By Bill Donahue (November 20, 2012, 1:36 PM EST) -- Capital One Financial Corp. will pay $3.2 million to settle allegations that it misclassified hundreds of underwriters in New York and Illinois to avoid paying them overtime wages, according to court papers filed Monday.

If approved, the deal will put to rest claims that the bank's Capital One Auto Finance violated the Fair Labor Standards Act and state labor laws by intentionally mislabeling underwriters and so-called relationship managers as exempt from overtime.

The company reclassified any current workers in the positions in question earlier this year, and the two sides agreed to a basic settlement framework following mediation sessions in July...

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