Underwriters Right to Overtime PAY!
California state cases have brought forth good news for the Underwriters, they might be owed overtime pay for their services. Overtime pay exemptions occur not on the basis of the job title, but the job duties.
It has been brought to attention through the recent case of Davis v. J.P. Morgan that the duties of the underwriter includes approving of the loans based upon the guidelines provided by the establishment rather than their own discretion which means they DO NOT fall under the Executive Exemption and the underwriter is a non-exempt employee, therefore entitled to overtime pay.
According to Federal law to qualify for the Executive exemption, management duties must be on the employees own cognition or related to the business operations, and has a complete control over judgments made. Underwriters clearly have to follow guidelines set forth by the organization and not make so called “judgment calls.”
In the case of 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 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.
California state laws 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 or have been an Underwriter in any California based firm then it is time to stand up and collect your overtime pay with penalties and interest. For the complete guidelines regarding this situation out San Diego labor law offices at: 1(619) 342-1242
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