PNC Bank Agrees to $16 Million Settlement with Mortgage Loan Officers

PNC Bank Agrees to $16 Million Settlement with Mortgage Loan Officers in Unpaid Overtime Lawsuit

LOS ANGELES — PNC Bank recently agreed to a $16 million settlement to resolve an ongoing class action overtime pay lawsuit with mortgage loan officers over allegations that the company used a variety of methods to cheat workers out of hard earned overtime. The settlement covers an estimated 3,400 loan officers across the country with compensation based on the number of weeks each class member worked during the period of alleged wage theft.

A U.S. District judge for the Western District of Pennsylvania has already approved the settlement, originally filed back in 2011. Plaintiffs in California and New York may recover up to four years of unpaid wages while others may receive a maximum of three years of back pay.

Although PNC Bank admits no fault by agreeing to settle the unpaid overtime lawsuit, the defendant has altered its overtime policy for mortgage loan officers to try and avoid future lawsuits over alleged wage theft. For their part, several of the named plaintiffs in the complaint will receive an additional $10,000 on top of their lost wages as a reward for assuming the risks to litigate the complaint on behalf of thousands of other deserving PNC Bank workers.

The overtime pay lawsuit alleged PNC Bank actively discouraged mortgage loan officers from reporting any overtime earned and even went so far as to only pay half of the employee’s hourly wage when these individuals should have earned one and a half times their regular rate of pay. Furthermore, PNC Bank deducted the loan officer’s’ annual salary of $24 from their commissions, further reducing the salaries of workers putting in long hours to provide for themselves and family members.

Even worse, the plaintiffs accused PNC Bank of failed to include the loan officers’ commissions and bonuses when calculating overtime wages, an all too common form of wage theft many other workers with similar pay structures suffer from. Under the Fair Labor Standards Act, employers must pay workers one and a half times the employee’s average hourly wage, which should include all income averaged out by 40 hours and then multiplied 1.5 times.

Banker Overtime Pay Lawsuits

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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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