Mortgage Employment Lawsuits 2007 Mortgage Litigation Report

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2 · 11 · 08
Case Title
U.S. Court of Appeals, 2nd Circuit
Favorable ruling issued for investment banking firm in class action suit which arose after investment firm forced out officers of a mortgage company for fraudulent conduct but were then sued by employees of failed lender, claiming that the investment firm had become liable, as their employer, for two months’ wages
Coppola v. Bear Stearns
Larry Schultz and Matthew Viens
U.S. District Court for the District of Maryland
Two Maryland loan officers awarded $105,000 in a case alleging their net branch employer failed to pay them overtime, although collection on judgment not assured
Payment of back wages toemployees after an investigation by the Department of Labor revealed Allied failed to pay its inside sales employees overtime compensation
Bankrupt lender sued by three former employees for its failure to provide adequate notice of employee layoffs.
Wayne Lee
Superior Court of the State of California in Orange County
Subprime lender enters confidential settlement with broker who claims the lender breached its agreement to pay him a total of $50 million over five-years for consulting services after he resigned
Wayne Lee v. Ameriquest Capital Corp
Countrywide Financial Corp. Marc Cruz (named Plaintiff) U.S. District Court of California in Santa Ana . Employees file class action claiming they were misled about 401(k) investments in shares of the company’s stock .
CTX Mortgage, Jane August, et al

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Charter Oak Lending Group Connecticut Superior Court . Charter Oak sues CTX for purportedly cajoling 10 employees to leave Charter Oak within days of each other Charter Oak Lending Group v. CTX Mortgage, Janet August, et al.
Daniel McCoy American Home Mortgage Corp. . . American Home sues former sales manager alleging that he violated an employment agreement by going to work for First Horizon Home Loan Corp. and taking several loan officers with him .
E-LOAN, Inc. Goldstein, Demchak, Baller, Borgen & Dardarian U.S. District Court in the Northern District of California $13.6 million Online lender settles with approximately 500 loan consultants to resolve a class action alleging that it did not provide overtime pay and meal breaks .
Fieldstone Investment Corp. Cynthia Harkness Occupational Safety and Health Administration . Former Fieldstone general counsel claims she was terminated in retaliation for reporting SEC violations by senior executives at the company .
HomeBanc Mortgage Hiwot Mekonnen, Kyiesha Shepard and Sharon Thompson U.S. Bankruptcy Court, District of Delaware . Bankrupt lender sued by three former employees for its failure to provide 60 days advance notice of employee layoffs. .
Market Street Mortgage

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Richard Mcbride U.S. District Court for the District of Wyoming $894,000 award being appealed Mortgage broker appeals award to its former executive who prevailed in his suit for breach of contract after his employer wrote a letter informing him that his salary would be reduced by two-thirds then, in an apparent change of mind, writing to tell him it was a mistake .
Monarch Bank

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Resource Bank . . “Lawsuit between two Virginia banks has turned into a merger agreement after Resource accused two executives of breaching their non-solicitation agreements and taking confidential documents and more than 70 employees with them over to Monarch. .
Option One Mortgage Corp., H&R Block Inc. Melissa Schueler California . Former loan officer sues Option One, claiming the company failed to pay its loan officers overtime wages” .
Washington Mutual

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Outten & Golden LLP U.S. District Court, New York . Three former mortgage loan originators sue WaMu for failure to pay overtime and minimum wages .
Washington Mutual, Inc., et al. Barbara Alexander (class rep) U.S. District Court, Western District of Washington, Seattle Division over $150 million WaMu employees allege ERISA violations for WaMu’s failure to adequately monitor their 401(k) plan and advise participants when the company stock investment was no longer prudent Barbara Alexander v. Washington Mutual, Inc. et al.

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