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Pay Dispute Shines Light on Lending Tactics

Tuesday, May 26th, 2020

Pay Dispute Shines Light on Lending Tactics

The 15 ex-employees who possess offered sworn statements struggled to obtain Quicken mostly during 2004-2007, during the height for the home loan growth.

A Minneapolis law practice has filed four overtime-related legal actions involving a huge selection of ex-employees. 1st one set to visit test involves workers whom worked for Quicken into the period that is earliest included in the situations. The plaintiffs’ attorneys won’t begin evidence that is putting the record when you look at the cases involving more modern workers before the older situation gets its time in court.

A spokeswoman stated Quicken’s loan consultants enjoy “a assured salary and a large payment plan. ” She stated the business relied on guidance through the U.S. Department of work in determining they don’t be eligible for overtime pay. The company has said, they are salaried and commissioned workers who are exempt from overtime laws because the employees provide expert financial advice to borrowers in much the same way that stock brokers advise investors.

To undercut this type of thinking, the ex-employees’ attorneys have actually argued that the company’s loan professionals aren’t taught to provide solid advice, but instead to govern and mislead. (more…)