Countrywide Pays $6.2M To Settle OT Claims

Law360, Los Angeles (November 19, 2013, 5:11 PM EST) -- Bank of America’s Countrywide Financial Corp. agreed Monday to pay $6.2 million to settle allegations that it did not pay overtime to workers for its subprime mortgage division, according to a motion asking a California federal judge to sign off the deal.

The plaintiffs filed the motion seeking approval of the deal, struck after court-ordered mediation last month, in which Countrywide will pay branch account executives at Full Spectrum Lending Inc., who say they were misclassified as overtime-exempt for years.

The $6.2 million cash settlement entitles...
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