Bank of America has agreed to pay $9 million to settle a class-action lawsuit that accused the bank of wrongly denying mortgage retail lending employees financial compensation for overtime.
The lawsuit, filed in a federal court in San Francisco, accused BoA of violations of California's wage-and-hour laws and the Fair Labor Standards Act.
Class members of the civil action commenced last December included account executives, trainees and any similar individuals responsible for originating home mortgage or personal loans, according to court documents.
The lawsuit sought back pay for alleged unpaid overtime and minimum wages for an average of about 344 people employed at any given time from late 2000 to around mid-2005, class counsel Mark Thierman of Reno, Nev., told MortgageDaily.com.
The Charlotte, N.C.-based bank denied any liability or wrongdoing of any kind associated with the claims.
"Bank of America values its workforce and firmly believes that it has treated its associates appropriately and in full accordance with applicable laws, and continues to do so," company spokeswoman Shirley Norton said in an e-mailed statement to MortgageDaily.com.