Six former Bank of America loan officers says the financial institution "systemically" misclassified loan officers as exempt from overtime.
February 09, 2024 at 01:51 PM
3 minute read
The original version of this story was published on Corporate Counsel
Bank of America is among the latest financial services company accused of misclassifying its loan officers to avoid paying overtime.
A suit filed by six former mortgage loan officers, playing out in U.S. District Court in Charlotte, North Carolina, alleges the financial giant since at least 2016 violated the Federal Labor Standards Act and state laws by “systematically” misclassifying thousands of loan officers as “exempt” from overtime.
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