Top Class Actions
The allegations? Chase had a “common practice” of misclassifying their loan underwriters as exempt and failed to pay them for all overtime hours worked in violation of federal overtime pay laws. In other words, they saved themselves the overtime payments by reclassifying their employees as exempt.
But it’s not like Chase can’t afford the overtime—especially when you consider that their loan underwriters are pivotal in bringing in the big bucks. Chase is one of the country’s largest commercial banks, and “performs a significant amount of real estate loan origination and underwriting.” In order to do that business, Chase employs roughly 500-1,000 underwriters nationwide, many of whom allege they worked nights and weekends to get the job done.