PNC Bank Strikes $7M OT Deal With Loan Officers

Law360, New York (September 9, 2013, 1:32 PM EDT) -- PNC Bank NA on Friday reached a $7 million settlement of a class action brought by mortgage loan officers accusing the bank of misclassifying them as overtime-exempt employees and making improper deductions from their pay.

Under the proposed agreement filed in Ohio federal court, the roughly 915 class members will be eligible to receive 65 percent of the total award, after attorney fees, administration and court costs and other expenses are deducted.

Each class member is expected to receive pay for about four hours of overtime...
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