Employee Overtime

New York, NY: (Jan-22-08) Several employees of New York Mortgage Trust, Inc.'s discontinued mortgage lending operation brought a class action lawsuit against the company, over its overtime practices. Sources close to the case stated that the two sides had entered into a settlement agreement to resolve the dispute. New York Mortgage Trust officials claimed that the company will show the charge of approximately $1 million resulting from the settlement in the company's fourth quarter 2007 results. [CNN NEWS: EMPLOYEE OVERTIME]

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