Nationwide class action suit filed seeking OT pay for JP Morgan Chase underwriters

Attorney Kelly M. Dermody of Lieff Cabraser Heimann & Bernstein LLP has announced the filing of a class action lawsuit charging that JP Morgan Chase & Company (Chase) had a common practice of misclassifying its loan underwriters as exempt and failing to pay them for all overtime hours worked in violation of federal overtime pay laws. Chase employs approximately 500-1,000 underwriters nationwide. "All of us underwriters worked long days and on weekends processing loan applications. We gave our all to bring in billions of dollars of revenue for Chase," said plaintiff Gayla Pickle. "It's only fair that they should pay us for all that overtime." "This lawsuit seeks fair compensation for the underwriters employed by Chase who tirelessly worked late nights and long weekends processing loans, which helped fuel Chase's success in the mortgage sector," said Plaintiff's Counsel Dermody. The lawsuit alleges that these workers were unlawfully denied overtime pay. In fact, Chase reclassified its underwriters to non-exempt status in February 2009, but failed to provide them backpay for the overtime hours they had worked while classified as exempt. Additionally, a federal appellate court recently ruled against Chase on the issue of whether Chase underwriters are exempt from federal overtime laws. Current and former Chase underwriters who wish to report their work experiences or learn more about the lawsuit can visit www.jpmcovertime.com. The site allows witnesses and claimants to contact plaintiffs' counsel. The lawsuit, entitled Pickle v. JP Morgan Chase & Company, was filed in U.S. District Court in New York, New York. For more information, visit www.lieffcabraser.com.