PNC settles overtime suit for $16M
PNC Bank has agreed to pay $16 million to settle claims that it did not fairly pay some of its employees for overtime work, according to documents filed in Pennsylvania's Western District Court last week.
Four PNC mortgage loan officers in Florida and Ohio initiated the collective-action suit in August 2015, alleging the Pittsburgh-based bank required them to work overtime, often from outside the office, and discouraged them from recording the additional hours. The bank also allegedly failed to properly compensate the loan officers for the overtime they did record by making inappropriate deductions from their pay.
Similar practices likely took place at PNC offices throughout the country, the suit alleges.
These employees received a $24,000 salary based on a 40-hour work week, plus commission, according to court documents. They argued in the suit they were not exempt from overtime pay.
PNC admits no wrongdoing in its settlement, which will go to 17 current and former mortgage loan officers.
Bank representatives declined to comment on the case when reached Tuesday, as did an attorney representing the loan officers.
PNC has settled several other suits in recent years regarding alleged unpaid overtime, including a 2011 case claiming the bank misclassified mortgage loan officers as exempt from overtime pay. It settled that case for $7 million in 2014.