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JPMorgan Chase Agrees to Multi-Million Dollar Settlement

New York, NY — Financial giant JPMorgan Chase & Co recently agreed to a massive $16.7 million settlement to resolve a pair of class action unpaid overtime lawsuits the company had been fighting for years in federal court and recently lost a crucial decision on certifying one of the lawsuits as a class action. JPMorgan also settled a third overtime pay lawsuit earlier this year for $5.7 million with financial advisers over claims that the company failed to pay those workers all their due wages, as well.

According to the class action lawsuit, filed in United States District Court for the District of Southern District of New York, JPMorgan Chase & Co improperly classified thousands of workers across nine states as “managers” to avoid paying these employees overtime pay. The plaintiffs worked as branch managers and assistant branch managers at many of the defendant’s 5,300 nationwide locations.

The settlement, if approved by the judge hearing the case, will compensate several different classes of plaintiffs, including those brought under the federal Fair Labor Standards Act (FLSA), New York, Connecticut, and Illinois laws. According to reports, the average payout for each plaintiff is expected to be around $3,000, depending on the individual’s hours worked and the class in which individual qualified.

According to the lawsuits filed against JPMorgan & Chase Co, the defendant improperly classified assistant branch managers as overtime exempt even though these employees performed essentially the same duties as many hourly wage earning associates. The plaintiffs further claimed that they lacked the authority necessary to hire and fire workers, set pay rates, and create work schedules for subordinate employees.

Under state and federal labor and wage laws, overtime exempt managers must perform essential duties to the company’s operations and be primarily engaged in supervisory duties. Often times, assistant managers, team leaders, and shift supervisors are improperly classified to avoid paying these workers for all their hard earned overtime pay just to increase company profits.

Bank Manager Unpaid Overtime Lawsuits

Call (855) 754-2795 or complete the Free Unpaid Overtime Case Review form on the top right of this page if you feel that your wage rights are being violated under the FLSA. Our top-rated team of unpaid wage lawyers will evaluate your situation to determine your best course of action to help you seek justice.

Our office will also determine if it is in your best interest to file a lawsuit against your employer. Because strict time limitations apply for filing these types of claims, we advise you contact our experienced unpaid overtime wage attorneys at your earliest convenience and preserve your legal rights.

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