Law360, Los Angeles (August 25, 2015, 7:12 PM EDT) -- Bank of America Corp.'s appraisal subsidiary, Landsafe Appraisal Services Inc., will pay $36 million to settle a class action accusing it of misclassifying residential real estate appraisers as exempt from overtime, according to a Monday filing in California federal court.
Seeking preliminary approval of the settlement, plaintiffs' attorneys heralded the "enormous payday" that would come with the deal, under which 365 class members would receive an average gross recovery of approximately $100,000 each.
Bank of America had claimed the appraisers fell under a number of "white collar" exemptions for overtime under the Fair Labor Standards Act and California state labor laws....
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