Los Angeles Underwriters GET OVERTIME!
California Underwriters Owed Overtime Pay?
California state cases have brought forth good news for the Underwriters and that is that they might be owed overtime pay for their services. Overtime pay exemptions occur on the basis of the job titles but much more importantly the job duties. It has been brought to attention through the recent case of Davis v. J.P. Morgan that the duties of the underwriters includes approving of the loans basing upon the guidelines provided by the establishment and this shows very clearly that the underwriter is a non-exempt employee and is entitled to overtime pay.
According to Federal law of exempt and non-exempt employ it is stated that the exempt employee is the one who have role in the management of the policies or is related to the business operations, and has a complete control over judgments made.
In the case titled as Davis v. J.P. Morgan Second Circuit tells very noticeably that the underwriters working there had to follow the Credit Guide in order to produce the yes or no decision for the loan application given to them. This means that they are non-exempt employees who are working under the rules made by the institution in this case J.P.Morgan.
There are hundreds of California Underwriters who are misclassified as the exempt employees but this ruling has brought to light the facts and regulations that evidently classify them as the non-exempt employees thus entitling them to the Overtime Pay. Like J.P. Morgan, Citigroup, Bank of America, Wells Fargo have Underwriters employed who are also entitled to Overtime pay.
The laws of California state law for the Overtime very clearly state that if the petitioner brings forth the case in the 3 years of the misclassification he/she may collect 4 years back pay.
If you are the Underwriter in any firm of California State then you can also raise your voice regarding being misclassified as exempt employee when clearly you are non-exempt and entitled to overtime pay. For the complete guideline regarding this situation you should call our Los Angeles labor law attorneys at: (213) 261-0229
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