TIAA Bank Workers Win Final Nod for $8.5 Million Wage Suit Deal

TIAA Bank FSB and loan officers who say it owes them overtime pay won a magistrate judge’s final approval for an $8.5 million settlement resolving the wage-and-hour dispute.

The nearly 320 members of the Fair Labor Standards Act collective and state-law class will receive more than $17,000 on average, according to settlement documents filed in the US District Court for the Southern District of New York. Magistrate Judge Barbara Moses approved the deal Tuesday.

The workers accuse TIAA of misclassifying them as outside salespeople exempt from state and federal overtime protections, causing them to miss out on pay when they ...