JPMorgan Chase & Co. agreed to a $16.7 million settlement with a group of assistant branch managers who filed a lawsuit stating that the banking giant had misclassified them as overtime-exempt employees.
The putative classes claiming violations of Connecticut, Illinois, and New York laws, and one class bringing claims under the Fair Labor Standards Act (FLSA) will receive more than $3,000 per member on average to cover unpaid overtime from as far back as 2012.
The lawsuit was first filed in March of 2014 before being certified in September of 2016.
“Given all the risks plaintiffs faced (obtaining class certification, maintaining collective action certification, defeating the class and collective action arbitration waivers, winning liability, proving damages, winning the appeal, etc.) and recognizing that plaintiffs did not work overtime in multiple weeks per year when they took time off or when there were bank holidays, an average gross settlement of about $3,086 is reasonable in this highly-contested matter,” the proposed settlement agreement said.
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