Washington Mutual Inc., Seattle, is being sued in U.S. District Court in Brooklyn, N.Y., by three former employees alleging that the mortgage banker violated the federal Fair Labor Standards Act by not paying them the minimum wage and overtime.The three plaintiffs, Dewone Westerfield of Grand Rapids, Mich., Charlotte Machado of Trussville, Ala., and Patricia Kemesies of East Islip, N.Y., worked at different locations, but all maintain that they worked in excess of 40 hours a week with no overtime. The plaintiffs allege that, if the loans they handled were not approved, they received no pay for the long hours they worked, and that this practice violates the minimum wage law, according to the attorneys that filed the suit, Nichols Kaster & Anderson PLLP of Minneapolis and Outten & Golden LLP of New York. Alan Gulick, a spokesman for WaMu, said the company has not yet seen the lawsuit. "However, we believe our compensation practices are fair and ethical, and we will vigorously defend our company against the allegations made," he said. Nichols Kaster & Anderson has a website, http://www.overtimecases.com, that lists 10 other active cases against nine mortgage lenders.
-
Sellers are easing demands as rates hit 15-month highs, giving buyers leverage. Originators: target sideline buyers before next week's Fed hike lifts rates further.
54m ago -
The decrease in jumbo availability accounted for much of the drop in the latest mortgage credit index, as conforming and government offerings were unchanged.
5h ago -
The consumer price index rose 0.4% last month, in line with July's reading. For a monetary policy committee that has been split on inflation, the inconclusive report will compel the Fed to make a call on whether to raise interest rates or stay put.
7h ago -
Abacus Federal Savings Bank in Chinatown scrambled to reopen in the days following the World Trade Center attacks. The exercise resulted in the bank's first disaster-recovery plan.
10h ago -
The current transaction has the largest collateral pool that the platform has issued all year, with 294 loans, and it has the highest percentage of conforming loans, at 45.1%.
September 10 -
The USA Patriot Act passed on an overwhelming bipartisan basis in the wake of the 9/11 attacks, overhauling banks' involvement in anti-money-laundering efforts.
September 10










