PNC To Pay $16M To Settle Loan Officers' Wage Claims

Law360, Los Angeles (January 5, 2017, 10:34 PM EST) -- PNC Bank NA has agreed to pay $16 million to settle Fair Labor Standards Act claims brought by a collective of mortgage loan officers who claim they were denied overtime pay and a proper commission, according to settlement documents filed in Pennsylvania federal court Thursday.

The deal concerns a collective action brought by 17 current or former PNC Bank mortgage loan officers who allege their employer used an improper method to calculate commissions and did not allow reporting of overtime hours even though their jobs demanded the extra work.

The $16 million settlement applies to mortgage loan officers who worked in...

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