Valley National Bank Overtime Misclassification Lawsuit
On August 29, 2024, a former Underwriter in New Jersey filed a class-action lawsuit against Valley National Bank for unpaid overtime for Underwriters employed by the bank in the New Jersey area and nationwide. The lawsuit specifically seeks to recover unpaid overtime wages and other damages under the New Jersey Wage and Hour Law (“NJWHL”) and the Fair Labor Standards Act (“FLSA”) for the bank's Underwriters.
In the mortgage industry, an underwriter’s primary duties are verifying the information provided by applicants in loan applications and comparing it to the bank's guidelines for loan products. These duties are more functional than discretionary because underwriters don’t determine the bank's guidelines, what loans are offered, or how they are funded, and they don’t determine the direction of the bank's business. To avoid paying Underwriters and other similar salaried workers overtime for hours worked in excess of 40 per workweek, Valley National Bank allegedly misclassified them as exempt from the overtime provisions of the FLSA and the NJWHL.
Why might Underwriters have been misclassified as exempt?
The lawsuit alleges that Underwriters' duties, such as verifying loan application information against the bank's existing guidelines, are functional rather than discretionary, since Underwriters don't set the bank's lending guidelines or decide how loans are funded, which weighs against exempt classification under the FLSA and NJWHL.
Who might be covered by this case?
Current and former Underwriters and similar salaried workers who worked for Valley National Bank in New Jersey or nationwide and were classified as exempt from overtime.
Do I need to do anything to join this lawsuit?
It depends on how the case is structured. An FLSA collective action generally requires affected workers to opt in, while a class action may include workers automatically. The fastest way to find out where you stand is to contact Fitapelli & Schaffer directly.
What can I recover if this applies to me?
Depending on your circumstances, you may be entitled to recover unpaid wages, overtime, liquidated damages, and other damages tied to the specific violations alleged in this case.
Where can I view the complaint that was filed?
The filed complaint is publicly available as a PDF, linked directly from this page.
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