Mortgage Co. Beats Claims In 1st Loan Officer OT Trial

Law360, New York (February 12, 2014, 3:30 PM EST) -- A Virginia federal jury cleared Prospect Mortgage LLC last week of allegations that it misclassified a former mortgage loan officer as ineligible for overtime in what was believed to be the first trial in a recent spate of similar wage-and-hour suits against financial institutions nationwide.

Jurors deliberated for about 45 minutes following a two-day trial before concluding that the lender had rightly categorized Allison Cougill as an outside sales representative, a type of employee that's exempt from collecting overtime under the Fair Labor Standards Act....
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