JPMorgan Bank Employees to Receive $1.85M in Owed OT Wages

JPMorgan ’s bank employees in California started a class action wage lawsuit two-and-a-half years ago that claimed the bank denied them the proper overtime wages and violated a number of labor laws. Relationship managers had accused JPMorgan of misclassifying their job titles as exempt from receiving overtime pay when working over 40 hours a week as well as not being given the proper meal and rest breaks.

Under state and federal laws such as the Fair Labor Standards Act (FLSA) an employee’s job responsibilities and not their job titles dictate if they should be hourly employees entitled to overtime or salaried and exempt. Even though these JPMorgan relationship managers had the title of “manager” most of their time was spent completing tasks that are usually designated to hourly employees. In this case, relationship managers had long work weeks and often worked over 40 hours a week. They argued that they should have been entitled to an hourly rate and an overtime rate of time and a half their regular hourly rate when working above 40 hours in a work week.

This case was eventually settled for $1.85 million and was initially approved by U.S. District Judge Fernando M. Olguin last week. The judge stated that the result was fair and reasonable in light of the litigation risks. More than 800 JPMorgan relation managers stand to benefit from this settlement. If you are unsure if you are being paid correctly it may be in your best interest to contact an employment attorney. Fitapelli & Schaffer, LLP offers a free and confidential phone consultation and can help you figure out if you may have a claim for owed wages. Remember, your job title does not dictate if you are entitled to overtime or not when working long hours. Call us at (212) 300-0375 or visit our website for additional information.