Bank of America Loan Officers Seek OT Pay for Long Work Weeks

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By Jon Steingart

Bank of America Corp. mortgage loan officers sued the financial institution over overtime pay they say it owes them.

The officers who filed the lawsuit worked for Bank of America in Massachusetts from 2014 to 2016. They say keeping up with the productivity requirements to sell home loans regularly required them to work more than 40 hours in a week, but the bank didn’t pay them at time-and-a-half the regular rate.

Wage and hour cases account for 58 out 8,660 of those involving Bank of America Corp. over the past five years, according to Bloomberg Law Litigation Analytics.

The lawsuit doesn’t estimate a specific number of loan officers that could potentially attempt to join in a collective action, other than saying it could include at least 40 officers nationwide. Forty members is a common opening estimate for a class or collective action complaint.

A Bank of America spokesperson declined to comment.

The case is Ricciardi v. Bank of America Corp., D. Mass., No. 1:18-cv-11629, complaint flied 8/2/18.

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