Bank of America Settles Appraisers’ Overtime Suit for $36M

Even the appraisers who are employees of the bank got screwed in being paid overtime…

SANTA ANA, Calif. (CN) – Bank of America will pay $36 million to settle a class action involving real estate appraisers who claim they were misclassified as exempt from overtime, class attorneys said Wednesday.
The class action, filed in Federal Court in April 2013, involves 365 current and former employees working as residential real estate appraisers for Bank of America subsidiary Landsafe Appraisal Services.
According to the plaintiffs, the bank erroneously applied administrative and professional exemptions to the residential staff appraisers – a job that requires no special academic degree, just a state license. The misclassifications kept them from being paid overtime, the appraisers say.
One of the named plaintiffs who worked for Landsafe until 2012 said she worked from 6 a.m. until 10 p.m. and rarely had time for lunch or breaks because of “artificially short deadlines set by Bank of America,” according to a statement by Bryan Schwartz Law, the firm representing the class.
The firm’s founder Bryan Schwartz said he hopes the proposed settlement ill “change the playing field” for other misclassified employees.
“We have seen over and over again across the economy that employees are misclassified, depriving them of overtime compensation, when under state and federal law they are due the wages,” Schwartz said. “These individuals worked hard, generated thousands of reports a month for the employer to sell mortgages, and were not compensated for their efforts as the law requires.”

Read on.

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