Westlaw News

JPMorgan agrees to $16.7 mln settlement in overtime lawsuit

JPMorgan Chase & Co has agreed to pay $16.7 million to resolve a lawsuit accusing it of violating federal law by misclassifying assistant branch managers at its banks across the country and failing to pay them overtime.

The settlement, which was disclosed in a court filing on Friday, resolves two lawsuits filed in Manhattan federal court in 2014 and 2015 that were consolidated last year and certified as a nationwide collective action. The plaintiffs, claimed that even though they had no management duties, Chase classified them as exempt from overtime in violation of the Fair Labor Standards Act and New York, Connecticut and Illinois laws.

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