Fifth Third To Pay $4M To End Loan Officer OT Dispute

Law360, New York (February 6, 2014, 6:26 PM EST) -- Fifth Third Bank agreed to pay as much as $4 million to resolve a class action brought by a group of mortgage loan officers alleging their employer stiffed them on overtime pay, according to a proposed settlement filed in Ohio federal court Thursday.

The deal would pay the roughly 520 Ohio-based employees in the class, who worked for the company as loan officers within the past six years, an average of around $5,000 apiece, resolving accusations that Fifth Third misclassified their positions as overtime-exempt.

The agreement...
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