Bank of America Corp. will have to face a collective action over allegations that it misclassified employees to avoid paying them overtime and minimum wage.
Mortgage loan officers from four states say Bank of America misclassified them as “exempt” employees under the Fair Labor Standards Act and state wage and labor laws to avoid paying overtime wages while they regularly worked more than 60 hours a week earning commissions and no salary. They also alleged the bank didn’t keep track of time records or set work schedules.
A collective of mortgage loan workers with defined job titles, such as enterprise ...
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